| 摘要: |
| 摘要：数字化时代下，数字金融如何借力人力资本助推企业创新是值得研究的现实问题。本文将北京大学数字普惠金融2011－2020年市级数据与中国上市企业数据相结合，探究企业人力资本在数字金融促进企业创新产出中的作用机制。研究发现：（1）数字金融发展对企业创新有正向促进作用，但在不同的企业人力资本累积水平下，该正向促进作用存在差异。（2）机制分析表明，企业人力资本在数字金融促进企业创新中发挥了中介效应，但反映人力资本与创新资金最优组合实现企业创新的人力资本调节效应不明显，表明企业创新要素最优组合并未达成。（3）在数字金融覆盖广度指数下人力资本的中介效应显著存在，而在使用深度指数下不存在中介效应。（4）分组检验发现，在数字金融促进企业创新中，人力资本中介效应显著存在于中小企业中，在大型企业却不明显。据此，本文提出积极发展数字金融、重视企业技术人才供给、实现企业人才与资金两大创新要素合理匹配等政策启示。 |
| 关键词: 关键词：数字金融；人力资本；企业创新 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：国家社会科学基金一般项目“金融科技增强金融普惠性的理论逻辑与路径优化研究”（21BJL086）；重庆市社会科学规划成渝地区双城经济圈建设重大项目“基于金融生态的成渝共建西部金融中心路径研究”（2022ZDSC04）；西南大学研究阐释党的二十大精神专项项目“中国式金融现代化推进共同富裕的逻辑机理与路径优化研究”（SWU2209025）。 |
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| Digital Finance,Human Capital and Enterprise Innovation |
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WANG Ding-xiang，QU Jin-jin，LI Ling-li
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（School of Economics and Management,Southwest University）
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| Abstract: |
| Abstract：In the digital era,how digital finance leverages human capital to promote enterprise innovation is a practical issue worth studying.This article combines the city level data of Peking University’s digital inclusive finance from 2011 to 2020 with the data of Chinese listed companies to explore the mechanism of the role of corporate human capital in promoting innovation output in digital finance.Research has found that (1) the development of digital finance has a positive promoting effect on enterprise innovation,but there are differences in this positive promoting effect under different levels of human capital accumulation in enterprises.(2) Mechanism analysis shows that corporate human capital plays a mediating role in promoting corporate innovation through digital finance,but the human capital regulatory effect that reflects the optimal combination of human capital and innovation funds to achieve corporate innovation is not significant,indicating that the optimal combination of corporate innovation elements has not been achieved.(3) Under the coverage breadth index of digital finance,the mediating effect of human capital is significant,but there is no mediating effect under the use of depth index.(4) Group testing found that in the promotion of corporate innovation through digital finance,the mediating effect of human capital is significantly present in small and medium sized enterprises,but not significant in large enterprises.Based on this,this article proposes policy implications such as actively developing digital finance,valuing the supply of enterprise technical talents,and achieving a reasonable matching of the two innovative elements of enterprise talents and funds. |
| Key words: Key words：Digital Finance;Human Capital;Enterprise Innovation |
