数字金融与企业创新质量
Digital Finance and the Quality of Enterprise Innovation

传统金融体系在面对日益变化的经济需求和市场扩张等外部条件下，已无法很好地满足企业瞬息万变的融资需求，数字金融应运而生。数字金融自发展伊始，不断通过互联网等技术完善当前金融基础服务设施，有效帮助中小企业解决了“融资难”等困境，同时驱动企业创新质量朝上发展。本文利用2010年至2021年内沪深股市上市公司的相关数据构建面板数据集，其中包含了样本年内的财务数据和专利数据。通过建立模型考查了数字金融与企业创新质量之间的内在联系，实证结果显示：1) 数字金融对企业创新质量有积极影响；2) 数字金融对不同规模、不同地区和是否高科技企业的影响效果不同；3) 数字金融通过影响融资约束来促进企业创新质量的提高。本文将基于实证结果对未来如何提高企业创新质量及数字金融发展方向提出相关可靠的对策建议。
In the face of external conditions such as changing economic needs and market expansion, the traditional financial system can no longer meet the rapidly changing financing needs of enterprises, and digital finance has emerged. Since the beginning of its development, digital finance has continuously improved the current financial infrastructure through the Internet and other technologies, effectively helping small and medium-sized enterprises solve the dilemma of “financing difficulties”, and at the same time driving the development of enterprise innovation quality. This paper uses the relevant data of listed companies in the Shanghai and Shenzhen stock markets from 2010 to 2021 to construct a panel dataset, which includes the financial data and patent data of the sample year. The empirical results show that: 1) Digital finance has a positive impact on the quality of enterprise innovation; 2) The impact of digital finance on different scales, different regions and high-tech enterprises is different; 3) Digital finance promotes the improvement of the quality of enterprise innovation by influencing financing constraints. Based on the empirical results, this paper will put forward relevant and reliable countermeasures and suggestions on how to improve the quality of enterprise innovation and the development direction of digital finance in the future.