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Does Internet Finance Promote Enterprise R&D Innovation |
He Lingyun,Ma Qingshan |
(Economics School, Zhongnan University of Economics and Law,Wuhan 430073,China) |
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Abstract As a new financial model based on the Internet, Internet finance affects enterprise R&D innovation by improving the allocation efficiency of financial resources.Based on panel data of 278 prefecture-level cities, the article analyzes the impact of Internet finance on enterprise R&D innovation, and explores the impact of industrial development, traditional financial development and human capital on the innovation effect of Internet finance..The empirical results show that Internet finance has significantly promoted enterprise R&D innovation, and this conclusion still valid after a series of robustness tests.Further research finds that industrial development, traditional financial development, and human capital level are complementary to Internet finance, which are conducive to enhancing the innovation effect of internet finance.In addition, the heterogeneity study finds that Internet finance has significant innovation effects in cities with lower levels of science and education and lower-level cities.Location factors are not the reasons that affect the significance of Internet financial innovation; the innovation effect of Internet finance in cities with high level of opening up, marketization and economic development is greater than that in other cities.
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Received: 22 November 2019
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