市场力量与政府作用:数字金融促进企业创新的机制探究
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Market Power and Government Role: Research on the Mechanism of Digital Finance Promoting Enterprise Innovation
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    摘要:

    随着数字技术的快速发展和广泛应用,数字经济释放的发展红利日益凸显。现有文献研究表明,数字金融的发展通过缓解企业融资约束显著促进了企业创新,然而较少从资金来源角度深入探究数字金融缓解企业融资约束的市场机制与政府作用,更缺乏相关经验证据。本文认为,在数字金融通过缓解融资约束促进企业创新的路径中,市场机制和政府调控同时发挥作用,进而选择用商业信用和政府补贴分别作为反映市场机制和政府作用的代理变量进行理论探讨和实证检验。数字金融的发展会降低企业之间和政府与企业之间的信息不对称程度,这将有利于企业获得更高的商业信用和政府补贴,进而更好地满足企业创新的资金需求,促进企业创新活动。相比之下,政府补贴对企业创新的促进作用比商业信用更为直接和有效,其在数字金融促进企业创新中的正向中介效应通常也比商业信用更强;商业信用的中介效应会因市场环境的变化而变化,表现为当宏观经济上行、市场处于扩张状态时更强;政府补贴的中介效应受到政府发展战略的影响,表现为政府越重视和鼓励创新则越强;国有企业比非国有企业、大型企业比中小企业更容易获得更多的商业信用,因而商业信用的中介效应在国有企业和大型企业中可能相对更强;而政府补贴中介效应的企业异质性与政府补贴偏好相关,政府更倾向于支持哪类企业的创新活动,则在该类企业中政府补贴的中介效应较强。利用2012—2020年沪深两市A股上市公司数据的经验分析结果支持上述观点。相比现有文献,本文基于资金配置的市场机制和政府调控对数字金融促进企业创新的机制进行探讨,并对商业信用和政府补贴的中介效应进行比较和异质性分析,从资金配置方式角度拓展了数字金融领域的研究视角,也从数字金融角度深化了资源配置机制(市场与政府的关系)的研究。本文研究发现,数字金融对企业资金配置的改善存在市场机制和政府调控两种方式,进而数字金融对企业创新的促进具有市场力量和政府作用两条路径。因此,在积极推动数字金融健康发展的同时,一方面要进一步完善市场机制,挖掘和发挥数字金融的共享和普惠优势,使所有经济主体在统一的大市场上平等地享受资金配置优化带来的红利;另一方面要更好地发挥政府作用,继续深入实施创新驱动发展战略,并增强政府补贴、政策优惠等的针对性、导向性和信号性。

    Abstract:

    With the rapid development and wide application of digital technology, the development dividends released by the digital economy have become increasingly prominent. Existing literature studies have shown that the development of digital finance has significantly promoted enterprise innovation by alleviating corporate financing constraints. However, the market mechanism and government role of digital finance in alleviating corporate financing constraints are rarely explored from the perspective of capital sources, and there is a lack of relevant empirical evidence. This paper believes that in the path of digital finance to promote enterprise innovation by alleviating financing constraints, market mechanisms and government regulation and control play a role at the same time, and uses commercial credit and government subsidies as proxy variables reflecting market mechanisms and government roles for theoretical discussion and empirical testing. The development of digital finance will reduce the degree of information asymmetry between enterprises and between governments and enterprises, which will help enterprises obtain higher business credit and government subsidies, thereby better meeting the capital needs of enterprise innovation and promoting enterprise innovation activities. In contrast, government subsidies have a more direct and effective role in promoting enterprise innovation than commercial credit, and their positive intermediary effect in the promotion of enterprise innovation by digital finance is usually stronger than commercial credit; the intermediary effect of commercial credit will change due to changes in the market environment, which is stronger when the macro economy is rising and the market is expanding; the intermediary effect of government subsidies is affected by the government’s development strategy, which is stronger as the government attaches greater importance to and encourages innovation; state-owned enterprises are more likely to obtain more commercial credit than non-state-owned enterprises, and large enterprises are more likely to obtain more commercial credit than small and medium-sized enterprises, so the intermediary effect of commercial credit may be relatively stronger among state-owned enterprises and large enterprises; the enterprise heterogeneity of the government subsidy intermediary effect is related to the preference of government subsidies, and the government is more inclined to support the innovative activities of what kind of enterprises, and the intermediary effect of government subsidies is stronger in this type of enterprise. The empirical analysis results of the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2020 support the above views. Compared with the existing literature, this paper discusses the mechanism of digital finance to promote enterprise innovation based on the market mechanism of capital allocation and government regulation, and compares and analyzes the intermediary effect of commercial credit and government subsidies, expands the research perspective in the field of digital finance from the perspective of capital allocation, and also deepens the research of resource allocation mechanism (the relationship between the market and the government) from the perspective of digital finance. This paper finds that there are two ways of improving the allocation of capital of enterprises by digital finance: market mechanism and government regulation. Furthermore, the promotion of digital finance to enterprise innovation has two paths: market power and government role. Therefore, while actively promoting the healthy development of digital finance, it is necessary to further improve the market mechanism, tap and give play to the sharing and inclusive advantages of digital finance, so that all economic entities can enjoy the dividends brought by the optimization of capital allocation equally in the unified large market;moreover, it is necessary to better play the role of the government, continue to implement the innovation-driven development strategy in depth, and strengthen the pertinence, orientation and signal of government subsidies and policy preferences.

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李永奎,刘晓康.市场力量与政府作用:数字金融促进企业创新的机制探究[J].西部论坛,2022,32(3):46-62

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  • 在线发布日期: 2022-09-25