当代金融研究2026，Vol.9Issue(3)：44-61,18.DOI:10.20092/j.cnki.ddjryj.2026.03.004
银行金融科技创新如何影响企业价值链升级
How Does Banking Fintech Innovation Influence Enterprise Value Chain Upgrading
摘要
Abstract
Against the backdrop of the digital economy,financial technology(fin-tech)has increasingly become a key driver of high-quality development in the real e-conomy.This study innovatively constructs a Bank Fintech Innovation Index and in-corporates it into a theoretical framework for analyzing enterprise value chain up-grading.Using panel data from Chinese A-share listed firms over the period 2011-2023,the paper systematically examines the mechanisms through which bank fin-tech innovation influences value chain upgrading.The findings indicate that bank fintech innovation significantly promotes enterprise value chain upgrading,with stronger effects observed among non-state-owned enterprises and those operating in high-technology industries.Mediation analysis reveals that bank fintech innovation facilitates value chain upgrading through three primary channels:enhancing firms' sustained innovation capability,curbing corporate financialization,and improving total factor productivity.Further analysis shows that both government subsidies and managerial compensation incentives positively moderate the effect of bank fin-tech innovation,with the moderating role of managerial compensation incentives being more pronounced.This study provides a novel theoretical perspective for un-derstanding how fintech empowers high-quality development in the real economy,and offers empirical evidence for optimizing fintech-related policies and corporate innovation incentive mechanisms.关键词
银行金融科技/企业价值链升级/持续创新能力/金融化行为/全要素生产率Key words
Banking FinTech/Corporate Value Chain Upgrading/Continuous Inno-vation Capability/Financialization Behavior/Total Factor Productivity分类
管理科学引用本文复制引用
王亚飞,陈耀,石铭..银行金融科技创新如何影响企业价值链升级[J].当代金融研究,2026,9(3):44-61,18.基金项目
国家社会科学基金一般项目"数字普惠金融支持中小企业发展效率提升的机理分析与优化路径研究"(21BJY047). （21BJY047）
