金融学院知识库

专精特新企业作为中国经济转型升级的重要力量，在推动产业创新、提升产业链现代化水平等方面发挥着不可替代的作用。它们凭借专业、精细、独特以及创新的特点，在细分市场中构建竞争优势，为经济高质量发展打下坚实基础。然而，这些企业在发展过程中普遍面临着融资约束、金融错配等难题，严重制约了其创新能力和市场竞争力。而数字金融能够借助数字技术，突破传统局限，降低信息不对称和服务成本，拓宽融资路径，精准服务包括专精特新企业在内的长尾群体，有效缓解融资难题，为企业的持续创新与发展注入强大活力。数字金融的兴起，不仅为专精特新企业技术创新提供了新的机遇和挑战，同时也为解决这些问题提供了新的视角和途径。

基于此，本文以2014—2022年A股上市的专精特新企业为研究对象，运用双向固定效应模型探究数字金融对专精特新企业技术创新的影响；并引入数字化转型变量，分析数字化转型在数字金融与企业技术创新之间的调节作用；随后基于融资约束、融资成本和金融错配视角，探究数字金融与专精特新企业技术创新之间的作用机制；并从企业产权性质、行业属性、不同区域和生命周期进行异质性分析，研究数字金融是否会对不同类型的专精特新企业技术创新产生差异化影响。研究结果表明：第一，数字金融对专精特新企业技术创新产生了正向影响；第二，数字化程度越高，数字金融越能促进专精特新企业的技术创新；第三，数字金融主要通过缓解融资约束、降低融资成本和减缓金融错配促进专精特新企业技术创新；第四，数字金融对非国有性质、制造业行业、非长三角、珠三角地区以及成长期和成熟期阶段的专精特新企业技术创新的推动作用更加明显。

本文丰富了数字金融对专精特新企业技术创新影响的理论研究，为数字金融发展促进专精特新企业技术创新及其作用机制和异质性提供了经验证据，同时为助力数字金融服务实体经济、推动经济高质量发展提供了启示。

As pivotal drivers of China's economic transformation, Specialized, Sophisticated, and Innovation-Driven Enterprises (SSIEs) play a crucial role in advancing industrial innovation and modernizing supply chains. Despite their competitive advantages in niche markets through specialization and innovation, these enterprises face persistent challenges in financing constraints and financial resource misallocation, which significantly hinder their innovation capabilities. The emergence of digital finance presents transformative opportunities by leveraging technological advancements to mitigate information asymmetry, reduce service costs, and expand financing channels, thereby injecting new vitality into SSIEs' innovation ecosystems.

This study investigates the impact of digital finance on SSIEs' technological innovation using a two-way fixed effects model with panel data from A-share listed SSIEs (2014-2022). We further examine the moderating role of digital transformation and explore underlying mechanisms through financing constraints, financing costs, and financial misallocation perspectives. Heterogeneity analysis considers enterprise ownership, industry characteristics, regional distribution and lifecycle stages. The findings reveal that: (1) Digital finance significantly enhances SSIEs' technological innovation outputs; (2) This positive effect strengthens with higher levels of enterprise digital transformation; (3) The mechanism operates through alleviating financing constraints, reducing capital costs, and optimizing financial resource allocation; (4) Heterogeneous effects are more pronounced in non-state-owned enterprises, manufacturing sectors, non-Yangtze River Delta and Pearl River Delta regional and enterprises in growth/maturity stages.

This research contributes to the theoretical understanding of digital finance's role in fostering innovation-driven economic growth, providing empirical evidence for optimizing financial services and supporting high-quality development in specialized enterprises. The conclusions offer policy implications for refining digital financial ecosystems and promoting targeted support mechanisms for SSIEs.