Can digital finance enhance enterprise research and development innovation? The mediating role of dual consumption behavior transformation

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-11-19 DOI:10.1016/j.frl.2024.106458

Yinhai Fang, Zhihui Liu

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Abstract

This research explores the influence of digital finance on enterprise technological innovation, emphasizing the mediating effect of dual consumption behavior transformation, using panel data from Chinese listed companies from 2011–2022. The results reveal that digital finance significantly boosts research and development (R&D) innovation, and from the perspective of three subdimensions, expanding the coverage of digital finance matters more. Additionally, the study highlights the amplifying role of upgrading consumption structures and expanding consumer credit in this dynamic, with digital finance having a stronger effect. Heterogeneity analysis shows that the incentive effects of digital finance on technological innovation are more pronounced in state-owned enterprises, high-tech enterprises, and those audited by the four major auditing enterprises. This paper enriches the relevant research on the impact of digital finance on enterprise innovation. It provides a theoretical basis and policy reference for how financial markets can better serve the real economy.

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数字金融能否促进企业研发创新？双重消费行为转变的中介作用

本研究利用2011-2022年中国上市公司的面板数据，探讨了数字金融对企业技术创新的影响，强调了双重消费行为转变的中介效应。研究结果表明，数字金融对研发（R&D）创新有明显的促进作用，而且从三个子维度来看，扩大数字金融的覆盖面更为重要。此外，研究还强调了消费结构升级和扩大消费信贷在这一动态中的放大作用，其中数字金融的作用更大。异质性分析表明，数字金融对技术创新的激励效应在国有企业、高新技术企业和四大审计企业中更为明显。本文丰富了数字金融对企业创新影响的相关研究。它为金融市场如何更好地服务实体经济提供了理论依据和政策参考。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance