金融学院知识库

制造业作为我国经济发展的基石及核心动力，其技术创新是实现经济高质量发展的重要途径。我国制造业在40多年内虽得到了长足发展，但与新时代高质量发展的标准相差甚远。《中国制造2025》指出，应把创新摆在我国制造业发展全局的核心位置。而制造业技术创新离不开金融活水，囿于传统金融体系间接融资“嫌贫爱富”而直接融资规模体量偏小现状，制造业企业的技术创新活动难守初衷。数字金融作为一种传统金融与先进的数字技术深度融合的新一代金融服务模式，或许会打破这一局限性，赋能企业创新活动，从而推动我国实现制造业强国的转变。因此，研究数字金融将如何影响我国制造业企业的技术创新行为，对于我国构筑经济新优势、建设制造业强国具有十分重要的意义。

本文首先对数字金融发展与制造业企业技术创新的相关研究成果进行梳理，并在此基础上以制造业企业融资约束为视角，分析了数字金融影响制造业企业技术创新的间接作用机制，并提出研究假设。在实证检验部分，选取2012-2021年沪深A股制造业上市企业作为研究样本，按照制造业企业注册地与地市级数字金融发展水平匹配，运用双向固定效应模型，探讨了数字金融对制造业企业技术创新的直接影响，并对融资约束进行中介效应检验。最后从企业特征、地区所在地、要素密集程度三个层面探讨数字金融创新激励效果的异质性影响。

研究发现：第一，数字金融的发展显著促进了制造业企业技术的提升，其中，数字金融使用深度对于制造业企业技术创新的激励效果强于覆盖广度。第二，就传导机制而言，缓解企业融资约束是数字金融促进制造业企业技术创新的主要渠道。第三，数字金融对制造业企业技术创新在企业和区域层面表现出普惠性的数字“红利”，而非“数字鸿沟”。数字金融能够弥合国有和非国有企业、东部和中西部地区企业间的创新发展不平衡现象，形成创新激励效果的“共享效应”。在要素密集类型上，数字金融对非技术密集型制造业技术创新的驱动效应更显著。

As the cornerstone and core driving force of China's economic development, the technological innovation of the manufacturing industry is an important way to achieve high-quality economic development. Although China's manufacturing industry has made great progress in more than 40 years, it is far from the standards of high-quality development in the new era. "Made in China 2025" pointed out that innovation should be placed at the core of the overall development of China's manufacturing industry. Technological innovation in the manufacturing industry is inseparable from financial living water, and the current situation of indirect financing in the traditional financial system is "dislike the poor and love the rich" and the scale of direct financing is small, and the technological innovation activities of manufacturing enterprises are difficult to pursue the original intention. As a new generation of financial service model with the deep integration of traditional finance and advanced digital technology, digital finance may break this limitation and empower enterprise innovation activities, thereby promoting China's transformation into a manufacturing power. Therefore, it is of great significance to study how digital finance will affect the technological innovation behavior of China's manufacturing enterprises to build new economic advantages and build a manufacturing power.

This paper firstly reviews the research results related to the development of digital finance and technological innovation of manufacturing enterprises, and then analyzes the indirect mechanism of digital finance affecting the technological innovation of manufacturing enterprises from the perspective of financing constraints of manufacturing enterprises, and puts forward research hypotheses. In empirical inspection part, select in 2012-2021 Shanghai and Shenzhen a-share manufacturing listed companies as A research sample, according to the manufacturing enterprises registered and municipal digital financial development level matching, using two-way fixed effect model, discusses the digital financial direct influence on manufacturing enterprise technology innovation, and intermediary effect of financing constraints.Finally, the heterogeneous influence of the incentive effect of digital financial innovation is discussed from three aspects of enterprise characteristics, regional location and factor intensity.

The results show that: first, the development of digital finance has significantly promoted the improvement of manufacturing enterprises' technology, and the depth of digital finance has a stronger incentive effect on technological innovation of manufacturing enterprises than the breadth of coverage. Second, in terms of the transmission mechanism, alleviating the financing constraints of enterprises is the main channel for digital finance to promote the technological innovation of manufacturing enterprises. Third, digital finance shows inclusive digital "dividends" for technological innovation of manufacturing enterprises at the enterprise and regional levels, rather than a "digital divide". Digital finance can bridge the imbalance in innovation and development between state-owned and non-state-owned enterprises, and enterprises in the eastern and central and western regions, and form a "sharing effect" of innovation incentives.In terms of factor-intensive types, digital finance has a more significant driving effect on the technological innovation of non-technology-intensive manufacturing industry.