{"title":"科技与金融的融合与企业创新边界","authors":"Jian Huang , Cheng Guo , Siyu Yan","doi":"10.1016/j.frl.2025.107135","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates how integrated technology-finance initiatives influence corporate innovation, focusing on China's Pilot Policy Promoting the Integration of Technology and Finance (PPPITF) from 2010 to 2022. Analyzing over 19,000 firm-year observations, the research finds that PPPITF significantly boosts innovation productivity in pilot regions. Mediation analysis reveals that the policy mitigates financing constraints and accelerates digital transformation, fostering synergies that enhance organizational innovation capabilities. Through causal relationships validated by rigorous testing, the study highlights how integrated policy frameworks can overcome barriers to financial accessibility and technological development, offering valuable insights for policymakers aiming to stimulate innovation in emerging markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107135"},"PeriodicalIF":6.9000,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The integration of technology and finance and corporate innovation boundary\",\"authors\":\"Jian Huang , Cheng Guo , Siyu Yan\",\"doi\":\"10.1016/j.frl.2025.107135\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study investigates how integrated technology-finance initiatives influence corporate innovation, focusing on China's Pilot Policy Promoting the Integration of Technology and Finance (PPPITF) from 2010 to 2022. Analyzing over 19,000 firm-year observations, the research finds that PPPITF significantly boosts innovation productivity in pilot regions. Mediation analysis reveals that the policy mitigates financing constraints and accelerates digital transformation, fostering synergies that enhance organizational innovation capabilities. Through causal relationships validated by rigorous testing, the study highlights how integrated policy frameworks can overcome barriers to financial accessibility and technological development, offering valuable insights for policymakers aiming to stimulate innovation in emerging markets.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"78 \",\"pages\":\"Article 107135\"},\"PeriodicalIF\":6.9000,\"publicationDate\":\"2025-05-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1544612325003988\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"2025/3/3 0:00:00\",\"PubModel\":\"Epub\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325003988","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2025/3/3 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The integration of technology and finance and corporate innovation boundary
This study investigates how integrated technology-finance initiatives influence corporate innovation, focusing on China's Pilot Policy Promoting the Integration of Technology and Finance (PPPITF) from 2010 to 2022. Analyzing over 19,000 firm-year observations, the research finds that PPPITF significantly boosts innovation productivity in pilot regions. Mediation analysis reveals that the policy mitigates financing constraints and accelerates digital transformation, fostering synergies that enhance organizational innovation capabilities. Through causal relationships validated by rigorous testing, the study highlights how integrated policy frameworks can overcome barriers to financial accessibility and technological development, offering valuable insights for policymakers aiming to stimulate innovation in emerging markets.
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.
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