Digital finance, corporate risk-taking and technological innovation

被引：0
|
作者：
Zhang Y. [1 ]
Fang X. [2 ]
Yang Z. [2 ]
机构：
[1] School of Finance, Shanghai Lixin University of Accounting and Finance, Shanghai
[2] School of Finance, Zhejiang Gongshang University, Hangzhou
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2023年 / 43卷 / 08期
关键词：
corporate risk-taking; digital finance; technological innovation;
D O I：
10.12011/SETP2022-2859
中图分类号：
学科分类号：
摘要：
Improving enterprises’ technological innovation capacity is the key to the high-quality development of China’s economy and the improvement of China’s core competitiveness. This paper incorporates digital finance and corporate risk-taking into an endogenous growth model that includes the financial sector, as well as deduces and analyzes the mechanism by which digital finance drives enterprise technological innovation from a risk-taking perspective. On this basis, the empirical test is carried out using data of A-share listed companies from 2011 to 2020. It has been discovered that corporate risk-taking is an efficient channel for encouraging technological innovation in businesses. This paper attempts to collect relevant data using crawler technology in order to construct a digital financial development index, and it confirms that digital finance plays a significant role in increasing patent applications through corporate risk-taking. Furthermore, according to heterogeneity analysis, digital finance improves the risk-taking level of high-tech enterprises, enterprises with CEOs with a background in R&D, enterprises with low financial supervision, low financial development regions, and high reliance on external financing, and significantly promotes R&D innovation activities. The study expands the mechanism of digital finance’s impact on enterprise technological innovation and provides critical insight for corporate governance and regulatory system design. © 2023 Systems Engineering Society of China. All rights reserved.
引用
收藏
页码：2284 / 2303
页数：19
相关论文
共 42 条
  • [1] Tang S, Wu X C, Zhu J., Digital finance and enterprise technology innovation: Structural feature, mechanism identification and effect difference under financial supervision[J], Management World, 36, 5, pp. 52-66, (2020)
  • [2] Li J, Cao W W, Qiao Y, Et al., Aspiration gap, risk-taking and persistence of firm innovation: A comparative study of private enterprises and non-private enterprises[J], China Soft Science, 2, pp. 140-148, (2018)
  • [3] Ma L F, Du S Z., Can digital finance improve corporate risk-taking level?[J], Economist, 2021, 5, pp. 65-74
  • [4] Zhao X G, Zhong S H, Guo X X., Digital inclusive finance development, financial mismatch mitigation and enterprise innovations[J], Science Research Management, 42, 4, pp. 158-169, (2021)
  • [5] Li Y K, Ren H Y, Zhu D F., Digital finance, share pledge and innovation investment of firms[J], Science Research Management, 42, 8, pp. 102-110, (2021)
  • [6] Zhang Y, Yang L X, Zhang Z T, Et al., Shares pledge, financing constraints and enterprise green technology innovation[J], Journal of East China Normal University (Humanities and Social Sciences), 54, 5, pp. 175-187, (2022)
  • [7] Xie W M, Wu H, Feng Y J., Can digital finance technology relieve the financing constrains of private enterprises?[J], Systems Engineering — Theory & Practice, 41, 12, pp. 3129-3146, (2021)
  • [8] Li Z Y, Pan M Y, Li J B., Digital finance, credit availability and enterprise innovation: The mediating role of level of financial resources[J], Forecasting, 40, 6, pp. 39-46, (2021)
  • [9] Song B L, Zhang H, Song F X., The research on the impact of digital finance on the level and quality of urban innovation: Empirical analysis based on panel data of 284 prefecture-level cities in China[J], Journal of Systems Science and Mathematical Sciences, 43, 1, pp. 199-214, (2023)
  • [10] Guo P Y, Yin Z C., Driving force of independent innovation of small and micro enterprises — Evidence from perspective of digital financial inclusion[J], Economic Perspectives, 2022, 2, pp. 85-104
12345