经济学报2025，Vol.12Issue(3)：138-154,17.
突破式创新抑或渐进式创新:数字金融与企业创新选择
Radical Innovation or Incremental Innovation:Digital Finance and Enterprise Innovation Choice
摘要
Abstract
Digital finance has not only changed the traditional financial service system,but also has an important impact on the innovation activities of micro enterprises.Taking Shanghai and Shenzhen A-share listed companies from 2012 to 2021 as a sample,this paper studies the impact of digital finance on corporate innovation choices,investigate the mediating role of product demand and financing cost based on demand side and supply side.The results show that digital finance can effectively promote both incremental and radical innovation.Moreover,compared with radical innovation,the development of digital finance promotes a higher degree of incremental innovation of enterprises.Further research finds that digital finance mainly promotes incremental innovation and radical innovation of enterprises by increasing product demand and reducing financing costs.Moreover,the promotion effect of digital finance on incremental innovation is stronger in enterprises with strong organizational inertia,and the promotion effect of digital finance on radical innovation is stronger in enterprises in growth and recession.The economic consequences show that incremental innovation is more conducive to improving the short-term performance of enterprises,while radical innovation is more conducive to improving the long-term performance of enterprises.关键词
数字金融/渐进式创新/突破式创新分类
社会科学引用本文复制引用
王晓燕,姚爽..突破式创新抑或渐进式创新:数字金融与企业创新选择[J].经济学报,2025,12(3):138-154,17.基金项目
本研究受山西省统计科学研究项目(2023LY050)"绿色金融驱动山西省制造业企业低碳高质量发展的机制和路径研究"和山西省统计科学研究重点项目(2024Z010)"山西省企业申报研发费用加计扣除政策持续性统计及创新效果研究"的资助. （2023LY050）
