摘要
互联网金融的"普惠"理念和"草根"特性与小微企业创新融资需求特征相契合,其兴起和发展为小微企业创新活动带来了新的支撑。本文运用针对小微企业的1 857份问卷调研数据和与其所在地相区匹配的202个P2P网络借贷平台数据,实证检验互联网金融发展与小微企业创新表现之间的关系以及企业家异质性对上述关系的影响。研究发现:(1)地区互联网金融发展能够显著促进当地小微企业的创新投入和创新频率;(2)企业家学历水平和社会资本积累越高,互联网金融对小微企业创新的正向影响越显著;(3)企业家任期对互联网金融与小微企业创新关系的影响则呈现倒U形特征,低于6年时具有显著的促进作用,高于这一期限则具有反向调节效应。研究结果不仅为金融发展与经济增长微观机理的解释提供了新的视角,也为我国互联网金融发展和小微企业创新融资提供了经验支持。
Summary： This article aims to investigate whether the Internet finance, which is considered as the fresh force of the new financial industry and the gravedigger of the traditional financial industry, can exert a positive influence on the innovation activities of SMEs or not. For this purpose, this article makes attempt to conduct from the following aspects. First, it discusses the relationship between Internet finance and SMEs＇ innovation and its action mechanism based on the theory of financial development. Additionally, it reveals the possible influence of entrepreneur heterogeneity on the innovation relationship between Internet finance and SMEs according to the high order theory and the social capital theory. Based on the above theoretical foundation, relevant research hypotheses are proposed. Second, employing the 1,857 questionnaire survey data for SMEs and the data of 202 P2P online lending platforms matched with their location, this article tests the proposed research hypotheses. Finally, the results show that： （ 1 ） regional development of Internet finance significantly promote the innovation input and frequency of SMEs; （2） the higher the education level of entrepreneurs is, the more significantly Internet finance exerts a positive influence on SMEs＇ innovation; （3） entrepreneur tenure impacts the relationship between Internet finance and SMEs＇ innovation in the form of reversed U- shape, showing a positive mediation effect when the tenure is within 6 years and a negative mediation effect when over 6 years. Furthermore, after relaxing the scope of geographical restrictions, it is found that the positive influence of Internet finance on the innovation of SMEs is only reflected in the local area. The possible reason for this phenomenon is that the early stage of the Internet financial review system and the information processing mechanism is still to be improved, which leads to the current situation that Intemet financial institutions still have a low efficiency of capital allocation
作者
张玉明
迟冬梅
Zhang Yuming;Chi Dongmei(School of Management,Shandong University,Jinan 250100,China)
出处
《外国经济与管理》
CSSCI
北大核心
2018年第9期42-54,共13页
Foreign Economics & Management
基金
国家社会科学基金重大项目(15ZDB157)
山东省社会科学基金青年项目(17DGLJ15)
齐鲁工业大学(山东省科学院)人文社科优秀青年学者支持计划(SKRC17-08)
