创新投入、创新环境与金融科技产业绩效

Innovation Input, Innovation Environment and Performance of Fintech Industry

摘要: 金融科技的创新和发展在提高科学技术创新能力、优化资源配置方面起到了非常重要的作用。本文基于2003~2019年的省级面板数据，利用熵值法，从金融科技的投入和产出两个角度深入分析中国金融科技创新发展的内在机理，并设置创新环境与创新投入之间的交互项，着重探究创新投入如何受制于创新环境而影响金融科技绩效。研究发现：1) 创新投入、创新环境与金融科技产业绩效具有显著的正相关性，说明它们在提升金融科技产业绩效方面起着显著的推动作用。2) 创新性资金投入在影响金融科技产业绩效时受到了金融科学创新环境因素的制约。在创新环境指数、市场化程度及金融环境的不同地区和不同的时间段，创新资金投入对金融科技绩效的影响范围及其重要性大小均存在明显的差异。当创新环境指数、信息化水平、市场化程度及金融环境指数都比较高时，研发资金投入对金融科技经营管理绩效的边际效应影响较大。3) 劳动者的素质未明显影响研发资金投入对金融科技的边际效应。

Abstract: The innovation and development of Fintech plays a very important role in improving the ability of scientific and technological innovation and optimizing the allocation of resources. Based on provincial panel data from 2003 to 2019, using entropy value method, this paper deeply analyzes the internal mechanism of China’s Fintech innovation development from two perspectives of input and output, and sets up the innovation environment and innovation into the interaction between the items, mainly exploring how the innovation subject influences the financial performance of science and technology innovation environment. The results show that: 1) The significant positive correlation between innovation input, innovation environment and Fintech industry performance indicates that they play a significant role in promoting the performance of Fintech industry. 2) The impact of innovative capital input on the performance of Fintech industry is restricted by the environmental factors of financial science innovation. In different regions and time periods of innovation environment index, marketization degree and financial environment, there are significant differences in the impact range and importance of innovation capital input on fintech performance. When the innovation environment index, informatization level, marketization degree and financial environment index are relatively high, the marginal effect of R&D investment on the performance of Fintech operation and management is greater. 3) Laborer’s quality is not significantly affecting the marginal effect of R&D investment on Fintech.