数字化转型、融资约束与企业创新
Digital Transformation, Financing Constraints and Enterprise Innovation

本文以2013年~2022年沪深A股上市公司为研究样本，探究数字化转型对企业创新的影响及作用机制。研究表明，数字化转型显著提高了企业的创新能力，且融资约束在其中起到了中介作用，即数字化转型通过缓解融资约束，进而促进企业创新。进一步区分产权性质后发现，企业数字化转型对非国有企业的创新的促进作用更强。以上结论为政府制定优惠政策，促进数字化转型赋能企业创新提供了重要的启示。
This paper takes Shanghai-Shenzhen A-share listed companies from 2013 to 2022 as research samples to explore the impact and mechanism of digital transformation on enterprise innovation. The research shows that digital transformation significantly improves the innovation ability of enterprises, and financing constraints play an intermediary role in it, that is, digital transformation can promote enterprise innovation by easing financing constraints. After further distinguishing the nature of property rights, it is found that the digital transformation of enterprises has a stronger role in promoting the innovation of non-state-owned enterprises. The above conclusions provide important inspiration for the government to formulate preferential policies, promote digital transformation and empower enterprises to innovate.