观点荟萃

  • 来源:《科研管理》2024年第1期内容提要:融摩擦导致民营企业技术创新能力不足,成为推进中国式现代化高质量发展突出的金融机制障碍,数字金融的技术优势为有效缓解金融摩擦提供了基础。本文基于修正的BGG模型论证了数字金融发展、金融摩擦和企业技术创新的理论关系,并利用2011—2020年沪深两市A股的民营企业数据,检验数字金融作用于不同类型金融摩擦影响民营企业技术创新投入的作用效果。研究发现(1)数字金融具有减缓金融摩擦促进民营企业技术企业创新投入的作用,其中数字支付和数字信贷的作用尤为显著;(2)机制分析表明,数字金融能够有效降低民营企业技术创新投入中资本错配类和融资成本约束类金融摩擦,但对于融资可得性类金融摩擦不具有缓解作用;(3)数字金融可以靶向校正民营企业技术创新融资中的“领域错配”“阶段错配”和“地区错配”,并对经济不发达地区、规模较小和治理制度完善的民营企业技术创新投入促进作用更强。本文的研究有助于厘清数字金融促进民营企业技术创新的理论机理,为有效化解金融摩擦提升民营企业技术创新能力,提供可靠的经验证据和决策支持。关键词:数字金融;金融摩擦;民营企业;技术创新投入;
  • Source:《International Review of Financial Analysis》2023,86 Abstract: This paper examines the relationship between military experience and household stock market participation. Using data from the 2010 wave of China Family Panel Studies (CFPS), we find that the military experience promotes the households participating in the stock market. We further investigate how military experience affects a household investment decision. The results show that the level of risk-taking and social trust of milit
  • Source:The European Journal of Finance, 2023(5). Abstract: Despite the significance of business succession in the family firm literature, few studies have paid attention to the role of financial constraints, a common feature of micro and small firms, in entrepreneurs’ succession intention. Using a nationally representative survey of micro and small firms in China, we find that a higher degree of financial constraints significantly strengthens the entrepreneur’s intention of passing the firm o