数字金融、研发投入与企业创新——基于融资约束和内部盈利的视角

Digital Finance, Research Input and Corporate Innovation—Based on the Perspective of Financing Constraints and Internal Profitability

摘要: 创新驱动战略是推动企业技术创新的重要源泉。文章采用2011~2021年北京大学数字普惠金融指数和上市公司相关数据，基于融资约束和内部盈利视角实证检验了数字金融、研发投入与企业创新之间的关联机制。研究发现：1) 数字金融和研发投入、企业创新显著正相关，且研发投入对企业创新具有正向促进作用；2) 数字金融对研发投入的作用存在内外部两个传导机制，外部通过缓解融资约束提高研发投入，而内部则通过增加企业营业利润和流动资产提高研发投入，并最终促进企业创新；3) 从区域异质性看，数字金融对中西部地区企业创新具有更显著的激励作用。因此，政府应落实相关政策促进数字金融与区域经济协同发展；市场应完善数字金融发展过程中的相关机制，充分发挥数字金融的共享优势和普惠特性；同时企业应当抓住数字金融政策红利，不断挖掘客户个性化需求。

Abstract: Innovation-driven strategy promotes technological innovation activities of enterprises. Based on the digital Finance Index of Peking University and the data of listed companies from 2011 to 2021, this paper empirically analyzes the relationship between digital finance, R&D investment and enterprise innovation from the perspective of financing constraints and internal profitability. The findings are as follows: First, digital finance is significantly positively correlated with R&D investment and enterprise innovation, and R&D investment has a positive promoting effect on enterprise innovation. Second, there are two internal and external transmission mechanisms for the effect of digital finance on R&D investment. The external improves R&D investment by easing financing constraints, while the internal increases the operating profits and current assets of enterprises to provide R&D investment, and ultimately promotes enterprise innovation. Third, from the perspective of regional heterogeneity, digital finance has a more significant incentive effect on enterprise innovation in the central and western regions. Therefore, the government should implement relevant policies to promote the coordinated development of digital finance and regional economy; the market should improve the relevant mechanisms in the development process of digital finance and give full play to the shared advantages and inclusive features of digital finance; at the same time, enterprises should seize the dividend of digital financial policy and continuously tap the personalized needs of customers.