贵州大学 2022届硕士学位论文
摘要
科技创新对国民经济增长至关重要，也是企业获得市场竞争力的关键，在我
国经济高质量发展过程中占据着重要地位。由于创新是一项高风险、高保密性以
及长回报周期的投资项目，从创新想法的提出到创新成果的转化，都需要大量资
金支撑。因此，我国企业在进行科技研发与创新的过程中常常面临“内部资金不
足”的难题。再者，由于企业信用体系不健全，缺乏贷款抵押担保物，难以获得
银行等外部金融支持，面临严重的融资约束难题。与传统金融模式相比，数字普
惠金融的出现丰富了金融产品与服务，拓展了金融服务群体，提升了融资效率，
降低了融资成本。这些都能缓解企业的融资约束难题，为企业创新提供更多的外
部支持。
本研究以 2011——2020年沪深两市上市的 A股企业为研究样本，分析数字
普惠金融、融资约束与企业创新投资三者之间的关系，最终得出以下结论：（1）
地区数字普惠金融的发展会促进企业创新投资。（2）利用企业规模和年龄构建
融资约束 SA指数，参考温忠麟等（2004）的做法构建中介效应分析模型，实证
检验得出融资约束在数字普惠金融与企业创新投资之间充当着部分中介作用的
结论。（3）从企业异质性视角出发，发现数字普惠金融与企业创新投资二者间
关系要受到企业所处生命周期、所处行业、企业产权性质以及企业规模等因素的
制约。
关键词：数字普惠金融；融资约束；企业创新投资；生命周期；企业
双元创新
I
贵州大学 2022届硕士学位论文
ABSTRACT
Technological innovation is crucial to the growth of the national economy, and it
is also the key for enterprises to gain market competitiveness. It occupies an important
position in the process of high-quality economic development in my country. Since
innovation is an investment project with high risk, high confidentiality and long
payback period, it requires a lot of capital support from the proposal of innovative
ideas to the transformation of innovative results. Therefore, Chinese enterprises often
face the problem of "insufficient internal funds" in the process of scientific research
and development and innovation. Furthermore, due to the imperfect credit system of
enterprises and the lack of loan collateral, it is difficult to obtain external financial
support such as banks, and faces serious financing constraints. Compared with
traditional financial models, the emergence of digital inclusive finance has enriched
financial productsand services,expanded financialservice groups,improved
financing efficiency, and reduced financing costs. All these can ease the financing
constraints of enterprises and provide more external support for enterprise innovation.
This study uses A-share companies listed on Shanghai and Shenzhen stock
exchanges from 2011 to 2020 as research samples, analyzes the relationship between
digital inclusive finance, financing constraints and corporate innovation investment,
and finally draws the following conclusions: (1) Regional The development of digital
financial inclusion will promote corporate innovation investment. (2) Using the scale
and age of enterprises to construct the SA index of financing constraints, and referring
to the practice of Wen Zhonglin et al. (2004) to construct an analysis model of
intermediary effect, empirical tests show that financing constraints play a partial
intermediary rolebetween digital financialinclusion and corporate innovation
investment conclusion. (3) From the perspective of enterprise heterogeneity, it is
found that the relationship between digital inclusive finance and enterprise innovation
investment is restricted by factors such as the life cycle of the enterprise, the industry
in which the enterprise is located, the nature of enterprise property rights, and the
scale of the enterprise.
II
贵州大学 2022届硕士学位论文
Key words:Digitalfinancial inclusion,Financingconstraints,
Corporate innovation investment, Life cycle, Corporate dual innovation
III