金融科技影响企业创新投资的效应与机制研究

基于2011—2021年沪深A股上市企业数据，运用固定效应模型和中介效应模型探究金融科技发展对企业创新投资的影响及其作用机制。研究发现：金融科技发展有助于提高企业创新投资水平，能够通过促进企业短期金融资产配置行为、抑制企业长期金融资产配置行为提高企业创新投资水平；高管股权激励和政府补助均对金融科技的创新投资驱动效应有显著的强化作用；在非国有企业中，金融科技对于创新投资的驱动效应更显著。

Research on the Effect and Mechanism of Fintech on Enterprise Innovation Investment

Based on the data of A-share listed companies in Shanghai and Shenzhen in 2011-2021, this paper uses fixed effect model and intermediary effect model to explore the influence of fintech development on enterprise innovation investment and its mechanism. It is found that the development of fintech is helpful to improve the innovation investment level of enterprises; The development of fintech can improve the innovation investment level of enterprises by increasing the short-term financial asset allocation behavior of enterprises and restraining the long-term financial asset allocation behavior of enterprises; Both executive equity incentives and government subsidies have significantly strengthened the driving effect of innovative investment in fintech; In non-state-owned enterprises, the driving effect of fintech on innovation investment is more significant.