数字金融对企业技术创新的影响研究

The Influence of Digital Finance on Corporate Technological Innovation

摘要: 创新是推动企业发展的关键所在，但其所展现出的长周期、高风险特性让传统金融望而却步。本研究选取2011~2022年A股上市公司面板数据，实证检验数字金融这一传统金融体系的革新形态对企业技术创新的驱动效应。机制分析表明，数字金融能够拓宽资金来源渠道，减少融资时因信息不对称带来的成本，资金来源增多及融资成本的下降都能够缓解企业的融资约束，从而为企业技术创新提供了有力支持。为验证结论稳健，本文通过工具变量法对内生性问题进行处理。本文的研究为企业提升自身创新能力提供了理论支持和实践方法。研究结果对推动数字金融发展、优化金融资源配置以及完善相关政策具有重要的启示意义。

Abstract: Innovation serves as a pivotal driver of enterprise development, yet its inherent long-term nature and high-risk characteristics often deter traditional financial institutions from active engagement. This study employs panel data from A-share listed companies spanning 2011 to 2022 to empirically examine the catalytic effects of digital finance—an innovative evolution of conventional financial systems—on corporate technological innovation. Mechanism analysis reveals that digital finance facilitates technological advancement through dual pathways: expanding funding channels and reducing information asymmetry costs during financing. The increased accessibility to capital and diminished financing costs collectively alleviate corporate financing constraints, thereby establishing robust support for innovation activities. To ensure result reliability, the instrumental variable approach is implemented to address potential endogeneity concerns. The findings provide theoretical foundations and practical methodologies for enterprises seeking to enhance innovation capabilities. From a policy perspective, this research carries significant implications for accelerating digital financial ecosystem development, optimizing financial resource allocation efficiency, and refining innovation-oriented regulatory frameworks. Specifically, it advocates for targeted financial infrastructure investments and differentiated policy design that accommodates enterprises’ heterogeneous innovation demands across development stages.