摘要
"双循环"背景下,创新越来越成为实现经济高质量发展的重要战略支点,而数字金融作为传统金融的有力补充,对区域创新水平的提升具有重要影响。从供需视角出发,通过系统梳理数字金融发展影响区域创新水平的内在机理,并运用2011—2018年中国内地30个省(直辖市、自治区)的面板数据对其机理进行实证检验。实证结果表明:数字金融各业务发展均有助于从供给侧缓解融资约束问题,进而直接促进区域创新水平提升;中介机制分析表明,数字金融可通过促进消费需求的提升间接促进区域创新水平提升;异质性分析表明,数字金融在创新的研发及商品化阶段、中西部地区和科研机构中的创新溢出效应更为显著,即数字金融发展对拥有较大融资约束的阶段和地区以及基础研究拥有更强的创新效应。
In the context of "dual circulation", innovation has increasingly become an important strategic fulcrum for achieving high-quality economic development, and digital finance, as a powerful supplement to traditional finance, has an important impact on the improvement of regional innovation level. From the perspective of supply and demand, this paper systematically sorts out the internal mechanism of how digital financial development affects the level of regional innovation, and uses panel data from 30 provinces(municipalities and autonomous regions) in China's Mainland from 2011 to 2018 to conduct empirical testing of its mechanism. The empirical results show that the development of digital finance businesses can help alleviate financing constraints from the supply side, thereby directly promoting the improvement of regional innovation level;analysis of intermediary mechanism shows that digital finance can indirectly promote the improvement of regional innovation level by promoting the improvement of consumer demand;analysis of heterogeneity shows that digital finance has more significant innovation spillover effects in the R&D and commercialization stages of innovation, the central and western regions, and scientific research institutions, that is, the development of digital finance has a stronger innovation effect on the stage and region with greater financing constraints and basic research.
作者
刘佳鑫
李莎
LIU Jia-xin;LI Sha(Institute of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China;Economics and Management Experimental Teaching Center,Guangdong University of Finance&Econnomics,Guangzhou 510320,China)
出处
《经济问题》
CSSCI
北大核心
2021年第6期24-32,共9页
On Economic Problems
基金
国家社会科学基金项目“农业现代化目标下新型农业经营主体金融服务创新研究”(15BJY168)。
关键词
区域创新
数字金融
消费规模
消费升级
regional innovation
digital finance
consumption scale
consumption upgrade
