数字经济政策、供应链金融与企业创新弹性：基于试点创新产业集群的准自然实验

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-08-14 DOI:10.1016/j.frl.2025.108161

Tong Wu , Jianguo Du

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引用次数: 0

摘要

本文基于2011 - 2023年中国a股上市公司的数据，考察了创新产业集群试点政策对企业创新弹性的影响，特别关注了数字经济举措的作用。本研究进一步探讨了供应链金融如何在企业层面上中介数字经济政策与创新弹性之间的关系。实证结果表明，数字经济政策的实施显著增强了企业创新弹性。此外，这些政策对创新弹性的积极影响取决于公司是否收到了标准的审计意见。分析还表明，供应链金融是连接数字经济政策与创新弹性的中介机制，并且这种中介效应的强度在高资产负债率和低资产负债率的企业之间存在差异。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Digital economy policy, supply chain finance, and enterprise innovation resilience: a quasi-natural experiment based on pilot innovative industry clusters

Based on data from Chinese A-share listed firms between 2011 and 2023, this paper examines the effects of pilot policies for innovative industrial clusters on corporate innovation resilience, with a particular focus on the role of digital economy initiatives. The research further investigates how supply chain finance mediates the relationship between digital economy policies and innovation resilience at the firm level. Empirical results reveal that the implementation of digital economy policies significantly enhances corporate innovation resilience. Moreover, the positive influence of such policies on innovation resilience varies depending on whether companies have received standard audit opinions. The analysis also demonstrates that supply chain finance serves as a mediating mechanism linking digital economy policies to innovation resilience, and the strength of this mediating effect differs between firms with high and low asset-liability ratios.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance