突破式创新抑或渐进式创新:数字金融与企业创新选择Radical Innovation or Incremental Innovation: Digital Finance and Enterprise Innovation Choice
王晓燕,姚爽
摘要(Abstract):
数字金融不仅改变了传统金融服务体系,也对微观企业的创新活动产生了重要的影响。本文以2012—2021年沪深A股上市公司为样本,研究数字金融对企业创新选择的影响,并从需求侧和供给侧考察产品需求和融资成本的中介作用。研究发现:数字金融既能有效促进企业渐进式创新,又能促进企业突破式创新。而且,相对于突破式创新,数字金融促进企业渐进式创新程度更高。进一步研究发现,数字金融主要通过提升产品需求、降低融资成本促进企业渐进式创新和突破式创新。异质性研究表明,数字金融对渐进式创新的促进作用在组织惯性强的企业中更强;数字金融对突破式创新的促进作用在成长期和衰退期企业中更强。经济后果表明,渐进式创新更有利于提升企业短期绩效,而突破式创新更有利于提升企业长期绩效。
关键词(KeyWords): 数字金融;渐进式创新;突破式创新
基金项目(Foundation): 山西省统计科学研究项目(2023LY050)“绿色金融驱动山西省制造业企业低碳高质量发展的机制和路径研究”;; 山西省统计科学研究重点项目(2024Z010)“山西省企业申报研发费用加计扣除政策持续性统计及创新效果研究”的资助
作者(Author): 王晓燕,姚爽
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