摘要
文章选取2011—2018年中国非金融类A股上市企业数据,聚焦“融资约束→企业自身研发投入”链条于金融科技与企业创新绩效之间的链式传导作用,探索金融科技于企业创新绩效影响的传导机制。研究发现:一方面,金融科技显著提升了企业创新绩效,且其对中西部地区企业以及资本密集型企业创新绩效有更加显著的提升效应;另一方面,企业融资约束与研发投入在金融科技与企业创新绩效间发挥正向的链式中介作用,“金融科技→融资约束→研发投入→企业创新绩效”的路径系数为0.0105,企业创新绩效每提升一个百分点,其中有0.0105个百分点是通过该链式中介路径实现的。
The paper uses the data of Chinese non-financial A-share listed enterprises from 2011 to 2018 to focus on the multiple mediator role of financing constraints and R&D expenditure in the path of FinTech affecting enterprise innovation performance.The rese-arch results are:On the one hand,FinTech has a significant positive impact on enterprise innovation performance,and it has regional heterogeneity and industry heterogeneity differences;On the other hand,enterprise financing constraints and R&D investment play a positive chain mediator role in the path of FinTech impacting enterprise innovation performance."FinTech→financing constraints→R&D expenditure→enterprise innovation performance"is a key path for FinTech to influence enterprise innovation performance.FinTech can ease enterprise financing constraints and promote enterprise R&D expenditure,thereby enhancing enterprise innovation performance.Then,put forward corresponding financial support suggestions to promote the financial market to better serve the development of real enterprises.
作者
王荣
叶莉
WANG Rong;YE Li(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China)
出处
《技术经济与管理研究》
北大核心
2022年第2期58-62,共5页
Journal of Technical Economics & Management
基金
河北省社会科学基金项目(HB20GL021)。
关键词
金融科技
企业创新绩效
融资约束
研发投入
链式中介
FinTech
Enterprise innovation performance
Financing constraints
R&D expenditure
Chain mediation
