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论文编号：	16085
作者编号：	2120243829
上传时间：	2026/6/5 19:40:30
中文题目：	数字金融对企业新质生产力的影响研究 ——基于融资约束的中介作用
英文题目：	Research on the Impact of Digital Finance on Enterprise New Quality Productive Forces: Based on the Mediating Role of Financing Constraints
指导老师：	齐岳
中文关键字：	?数字金融；企业新质生产力；融资约束；中介效应；双向固定效应
英文关键字：	Digital Finance; New Quality Productive Forces; Financing Constraints; Technological Innovation; High-quality Development
中文摘要：	在中国经济由高速增长转向高质量发展的关键阶段，培育以科技创新为核心、全要素生产率大幅提升为标志的新质生产力，成为微观企业实现转型升级的必然选择。作为技术驱动的金融业态变革，数字金融凭借其强大的信息处理能力与跨时空触达优势，为破解企业创新中的资金瓶颈、驱动生产力质态跃迁提供了新动能。本文旨在系统考察数字金融对企业新质生产力的影响效应、作用机理及其内在边界，为推动“金融—科技—产业”的良性循环提供理论依据与实证支撑。研究首先基于信息经济学等理论构建了数字金融赋能企业新质生产力的理论框架。随后，以2014—2024年中国沪深A股上市公司为研究样本，从“高科技、高效能、高质量”三个维度选取指标，运用熵值法客观测度微观企业的新质生产力水平，并匹配北京大学数字普惠金融指数，通过双向固定效应模型、逐步回归法以及结构方程模型进行了多维实证检验。研究发现，数字金融的发展显著促进了企业新质生产力的提升，且该结论在经过滞后一期、更换计量模型以及变量等一系列稳健性检验后依然成立。维度拆解分析显示，数字金融的覆盖广度与使用深度对新质生产力的驱动作用尤为突出，而数字化程度的赋能效应尚处于孵化期。机制检验表明，融资约束在数字金融赋能新质生产力的过程中发挥了显著的中介作用，即数字金融通过缓解信息不对称、重塑信用评价体系，实质性地缓解了企业的外部融资压力，进而为长周期的技术创新与绿色转型提供了必要的资源支撑。异质性分析进一步揭示，数字金融的促进作用在科技属性较强、环境压力较小以及位于东部地区的行业与企业中表现得更为显著，呈现出明显的资源配置偏好。基于上述结论，本文提出应持续完善数字金融基础设施建设，提升金融服务的渗透力与精准度；金融机构应深耕业务场景，针对新质生产力企业开发定制化金融产品；微观企业则应主动融入数字化浪潮，通过提升信息透明度与资源吸收能力，借力数字金融实现生产力质态的跨越式发展。
英文摘要：	In the critical stage of China's economic transition from high-speed growth to high-quality development, cultivating New Quality Productive Forces (NQP), characterized by technological innovation and significantly improved total factor productivity, has become an inevitable choice for micro-enterprises to achieve transformation and upgrading. As a technology-driven transformation of financial formats, digital finance, with its powerful information processing capabilities and advantages of cross-temporal reach, provides a new impetus for breaking financing bottlenecks in innovation and driving the leap of productivity quality. This paper aims to systematically investigate the impact, mechanism, and internal boundaries of digital finance on enterprise NQPF, providing a theoretical basis and empirical support for promoting the virtuous cycle of "Finance-Technology-Industry". The research first constructs a theoretical framework for digital finance empowering NQPF based on information economics, Schumpeterian innovation theory, and resource dependence theory. Subsequently, using 2014-2024 Chinese A-share listed companies as the research sample, indicators are selected from the three dimensions of "high-tech, high-efficiency, and high-quality". The entropy method is used to objectively measure the NQPF level of micro-enterprises, which is then matched with the Peking University Digital Financial Inclusion Index. Multi-dimensional empirical tests are conducted using two-way fixed effects models, stepwise regression, and structural equation modeling (SEM). The study finds that the development of digital finance significantly promotes the improvement of enterprise NQPF, and this conclusion remains robust after a series of tests such as lagging independent variables, changing econometric models, and replacing mediating variables. Dimensional decomposition analysis shows that the coverage breadth and usage depth of digital finance have a particularly prominent driving effect on NQPF, while the empowerment effect of the digitalization degree is still in the incubation period. Mechanism testing indicates that financing constraints play a significant mediating role in the process of digital finance empowering NQPF. Specifically, by reducing information asymmetry and reshaping the credit evaluation system, digital finance substantially alleviates external financing pressure, providing necessary resource support for long-cycle technological innovation and green transformation. Heterogeneity analysis further reveals that the promoting effect of digital finance is more significant in industries and enterprises with strong technological attributes, lower environmental pressure, and located in eastern regions, showing clear resource allocation preferences. Based on the above conclusions, this paper suggests that the government should continuously improve the construction of digital financial infrastructure and enhance the penetration and precision of financial services. Financial institutions should deeply cultivate business scenarios and develop customized financial products for NQPF enterprises. Micro-enterprises should actively embrace the digitalization wave, improve information transparency and resource absorption capacity, and use digital finance to achieve a leapfrog development of productivity.
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