数字金融能否促进企业的数字技术创新？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-09-24 DOI:10.1016/j.frl.2025.108555

Chia-Yang Ning , HsienYu Shun

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引用次数: 0

摘要

本文基于2011 - 2023年城市企业面板数据，实证检验了数字金融对企业数字技术创新的影响。结果表明：①数字金融对企业数字技术创新具有显著的促进作用。与数字金融的覆盖面相比，数字金融深度对数字技术创新的促进作用更为突出。②数字金融对不同规模企业数字技术创新的影响是不同的。与中小企业相比，数字金融对大型企业数字技术创新的促进作用明显更强。③数字金融对数字技术创新的促进作用主要来自于融资约束的放松和融资成本的下降。④数字金融不仅促进了本地数字技术创新，而且对周边地区的数字技术创新表现出显著的空间溢出效应。⑤进一步讨论表明，随着数字金融水平的提高，数字金融对数字技术创新的促进作用有增强的趋势。同时，传统的金融禀赋和金融监管对数字金融和促进数字技术创新具有显著的正向监管作用。

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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Can digital finance promote the digital technology innovation of enterprises?

Based on the panel data of city-enterprise from 2011 to 2023, this paper empirically tests the influence of digital finance on enterprise digital technology innovation. The results show that: ① Digital finance can significantly promote enterprise digital technology innovation. Compared with the coverage of digital finance, the promotion effect of the depth of digital finance on digital technology innovation is more prominent. ② The influence of digital finance on digital technology innovation of enterprises of different scales is different. Compared with small and medium-sized enterprises, the promotion effect of digital finance on digital technology innovation of large-scale enterprises is obviously stronger. ③ The promotion effect of digital finance on digital technology innovation mainly comes from the easing of financing constraints and the decline of financing costs. ④ The digital finance not only promotes local digital technology innovation, but also shows significant spatial spillover effect on digital technology innovation in surrounding areas. ⑤ Further discussion shows that, with the improvement of digital finance level, the promotion effect of digital finance on digital technology innovation tends to strengthen. Meanwhile, the traditional financial endowment and financial supervision have a significant and positive regulatory effect on the digital finance and the promotion of digital technology innovation.

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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