摘要
论文题目：数字金融对城市创新的影响研究——基于中国258个地级市的实证分
析
论文类型：学术论文
专业方向：金融机构管理
摘要
科技创新是增强综合国力的重要支撑，要保持国家的综合竞争优势，就必
须提高科技创新实力。作为一个小型区域单元，城市创新水平也成为城市综合
竞争力的重要指标。随着大数据等新兴数字技术逐渐发展成熟，传统金融与科
技创新融合催生的数字金融对经济生活的各个领域产生了显著的影响。金融市
场是技术创新的重要支撑，数字金融使金融功能得到有效改善，金融服务广泛
扩展，服务质量和效率明显提升，不仅激发了企业等微观主体的创新活力，也
将提高城市乃至国家层面的创新水平。本文旨在研究数字金融是否对城市创新
具有影响，通过何种方式影响，影响是否具有稳健性，是否存在空间相关性和
空间溢出效应。
基于数字金融和城市创新水平的现状分析得出，目前我国数字金融发展与
城市创新存在相关关系，空间分布也存在正相关性。本文从理论上分析了数字
金融对城市创新的作用机制，提出重要假设：数字金融的发展对我国城市创新
水平具有显著的促进作用。使用面板数据的固定效应模型进行基准实证研究，
并做了扩展性分析，回归后发现：第一，数字金融确实对城市创新水平有明显
的提升作用，经过了内生性检验和稳健性检验，结论依然成立。第二，数字金
融对城市创新的促进作用在第三产业占比较高的城市中更为明显，对城市实用
专利、外观专利的获得也具有显著影响。第三，城市居民消费规模和城市创业
两条中介效应都显著，并且城市创业的中介效应强度更大，占总效应的比例更
大。第四，我国城市数字金融、城市创新的发展均具有正的空间相关性，数字
金融的发展与周围城市的创新水平也具有正的空间相关性。第五，我国城市的
数字金融发展对城市创新水平具有空间溢出效应，且中部城市的空间溢出效应
最强，总效应也最强，其次为西部和东部。
最后，根据以上实证结论，本文提出三条对策建议：第一，鼓励传统金融
机构的数字化转型，扩大传统金融的服务范围，重视长尾客户的价值；第二，
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摘要
深化数字金融的发展，建立跨区域信息共享平台，打破城市行政壁垒，使金融
服务的范围进一步扩大，金融资源得到合理利用；第三，促进城市产业结构升
级，提高创新产出的质量，加强对技术创新型项目的识别，使资金精准下放，
加快高质量创新成果的产出，让金融支持推动创新发展的有效性提高。
关键词：数字金融；城市创新；中介效应；空间相关性；空间溢出效应
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Abstract
Abstract
Scientific and technological innovation is an important support for enhancing the
overall national strength. To maintain the country's comprehensive competitive
advantage, it is necessary to improve the strength of scientific and technological
innovation. As a small regional unit, the level of urban innovation has also become an
important indicator of a city's comprehensive competitiveness. With the gradual
development and maturity of emerging digital technologies such as big data, digital
finance brought about by the integration of traditional finance and technological
innovation has had a significant impact on various fields of economic life. The
financial market is an important support for technological innovation. Digital finance
has effectively improved financial functions, widely expanded financial services, and
significantly improved service quality and efficiency, which not only stimulates the
innovation vitality of micro-subjects such as enterprises, but also improves innovation
at the city and even the national level. level. This article aims to study whether digital
finance has an impact on urban innovation, in what manner, whether the impact is
robust, whether there is spatial correlation and spatial spillover effects.
Based on the analysis of the status quo of digital finance and urban innovation
level, it is concluded that there is a correlation between the development of digital
finance in my country and urban innovation, and there is also a positive correlation in
the spatial distribution. This paper theoretically analyzes the mechanism of digital
finance on urban innovation, and puts forward an important hypothesis: the
development of digital finance has a significant role in promoting the level of urban
innovation in my country. The fixed-effect model of panel data is used to conduct
benchmark empirical research, and extended analysis is carried out. After regression,
it is found that: first, digital finance does have a significant role in improving the level
of urban innovation. After endogenous test and robustness test, the conclusion still
established. Second, the role of digital finance in promoting urban innovation is more
obvious in cities with a high proportion of the tertiary industry, and it also has a
significant impact on the acquisition of urban utility patents and design patents. Third,
the two mediating effects of urban residents' consumption scale and urban
entrepreneurship are both significant, and the mediating effect of urban
entrepreneurship is stronger, accounting for a larger proportion of the total effect.
Fourth, the development of urban digital finance and urban innovation in China has a
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