金融学院知识库

    新创企业在资源获取和配置方面存在相对弱势，导致其成长过程中的融资需求难以得到满足，尤其是传统金融排斥带来的融资约束不利于其持续成长。而具有普惠性的数字金融凭借低成本、高效率的特点，有效提升了新创企业在金融资源获取和配置方面的能力，从而促进新创企业成长。数字金融作为新时代信息技术与传统金融结合的创新产物，面对新旧经济的转型，对原有金融系统如何更好地支持新创企业成长提出了新的挑战。

    目前关于数字金融的研究主要集中在其与企业价值关系影响上，而对于新创企业成长的影响则相对较少被探讨。这样的背景下，研究数字金融发展会对新创企业成长产生怎样的影响，以及数字金融是否及如何通过缓解融资约束以及提升研发投入来促进新创企业成长，既有理论价值也具有重要的现实意义。

   本文在系统分析了相关理论研究成果的基础上，从数字金融缓解新创企业融资约束、提升研发投入的视角，探讨了当前数字金融发展对新创企业成长的影响。本文以 2013 —2021 年创业板和中小板新创企业为研究对象，运用实证模型考察数字金融对新创企业成长的影响。研究结果表明：第一，数字金融的发展可以对新创企业成长产生正向作用，能够提升新创企业成长；第二，经过作用机制检验，数字金融发展能够有效减轻新创企业在融资方面的压力，进而为其成长提供动力。同时还可以通过推动新创企业研发投入，改善企业杠杆，从而推动新创企业成长；第三，异质性检验结果显示，基于不同区域和不同科技条件下的新创企业进行异质性分析。

   本文的研究丰富了数字金融对新创企业成长影响的理论，为数字金融发展促进新创企业成长及其作用机制和异质性提供了经验证据，拓展和深化了关于数字金融支持实体经济发展的研究以及新创企业成长的影响因素研究。

     New startups are relatively weak in resource acquisition and allocation, making it difficult to meet their financing needs during their growth process, especially the financing constraints brought about by traditional financial exclusion, which are not conducive to their sustained growth. As an innovative product of the combination of information technology and traditional finance in the new era, digital finance poses new challenges to how the existing financial system can better support the growth of new startups in the face of the transformation of the old and new economies.         

      At present, there is a lack of specialized research on the impact of digital finance development on the growth of new startups. In this context, studying the impact of digital finance development on the growth of new startups, as well as whether and how digital finance can promote their growth by alleviating financing constraints and R&D investment, has both theoretical value and important practical significance. 

     Based on a systematic analysis of relevant theoretical research results, this article explores the impact of the current development of digital finance on the growth of new startups from the perspective of alleviating financing constraints and increasing R&D investment in digital finance. This article takes enterprises on the Second board from 2013 to 2021 as the research object, and uses an empirical model to examine the impact of digital finance on the growth of new startups. The research results indicate that: firstly, the development of digital finance can have a positive effect on the growth of new startups, which can enhance their growth; Secondly, the mechanism of action test shows that the development of digital finance can alleviate the financing constraints of new startups and promote their growth. Digital finance relies on digital technology to drive R&D investment in new startups, improve corporate leverage, and thus drive innovation in new startups; Thirdly, the heterogeneity test results show that heterogeneity analysis is based on the region and industry where the enterprise is located.