Digital Finance and Enterprise R&D Investment: Structural Differences, Channel Testing and Effect Identification under Marketization
CHE Dexin1, WU Fei2, ZHAO Danni3
1. Fintech Engineering Technology Development Center, Guangdong University of Finance, Guangzhou 510521,China; 2. Behavioral Finance and Regional Laboratory, Guangdong University of Finance, Guangzhou 510521,China; 3. School of Economics and Trade, Guangdong University of Finance, Guangzhou 510521,China
Abstract Based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2018, this paper empirically tests the impact of digital finance on R&D investment and channel mechanism. The empirical results show that digital finance can help drive enterprises to improve the intensity of R&D investment, and the driving effect of innovation investment is more significant for non-state-owned enterprises, high-tech enterprises and small-scale enterprises. As a result, it is found that digital finance can effectively correct the attribute mismatch and industry mismatch of traditional finance. Mechanism analysis indicates that the development of digital finance can optimize the industrial structure and financial structure, and provide exogenous power for enterprises’ R&D investment. And digital finance can effectively improve the information content of stock prices and overcome the difficulties of financing and expensive financing. In areas with poor marketization, the development of digital finance can bring more significant driving effect to the R&D investment of enterprises, showing a more prominent function of “making up for the market weakness”. The conclusions provide reliable experience and policy inspiration for optimizing the development of digital finance and boosting the momentum of enterprise innovation.
CHE Dexin,WU Fei,ZHAO Danni. Digital Finance and Enterprise R&D Investment: Structural Differences, Channel Testing and Effect Identification under Marketization. Economic Survey, 2022, 39(4): 0140.
2022, Vol. 39 
