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.
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页码：2284 / 2303
页数：19
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