数字金融、传统金融与市场经济活力：创业与创新的微观证据Digital Finance,Traditional Finance,and Market Vitality:Micro Evidence of Entrepreneurship and Innovation from China
王瑞,王勋
摘要(Abstract)：
创业与创新是市场经济活力的重要源泉和高质量发展的重要推动力。本文利用中国工商企业注册数据、中国税收调查数据等微观数据，研究了中国数字金融的兴起对创业与创新的影响。结果发现，大型民营数字金融平台与传统金融机构在促进创业方面呈现显著的互补关系。具体表现在，数字金融兴起前传统金融发展相对落后的地区，在数字金融兴起后的创业增长显著快于原先传统金融发展相对发达的地区。这种相对的创业提升效应并不受创业前期趋势的驱动，也不受地区原有传统金融发展的影响，且在控制了同期相关政策影响后仍然稳健。同时，数字金融的兴起显著缓解了传统金融发展相对落后地区的融资约束，但并未导致原有企业的明显退出。此外，数字金融兴起虽然对发明专利的促进效果尚不显著，但显著促进了外观专利层面的创新活动。本文有助于理解数字金融的普惠性及其对实体经济的影响。
关键词(KeyWords)： 数字金融兴起;传统金融发展;创业;企业退出;创新
基金项目(Foundation): 国家社会科学基金一般项目“我国债券市场隐性担保问题研究”(项目批准号:24BJY079)的资助
作者(Author): 王瑞,王勋
参考文献(References)：
- 郭峰，王靖一，王芳，等.2020.测度中国数字普惠金融发展：指数编制与空间特征[J].经济学(季刊),19(4):1401-1418.Guo F,Wang J Y,Wang F,et al.2020.Measuring China's digital financial inclusion:index compilation and spatial characteristics[J].China Economic Quarterly,19(4):1401-1418.(in Chinese) 黄益平，黄卓.2018.中国的数字金融发展：现在与未来[J].经济学(季刊),17(4):1489-1502.Huang Y P,Huang Z.2018.The development of digital finance in China:present and future[J].China Economic Quarterly,17(4):1489-1502.(in Chinese) 黄益平，邱晗.2021.大科技信贷：一个新的信用风险管理框架[J].管理世界，37(2):12-21,50.Huang Y P,Qiu H.2021.Bigtech lending:a new credit risk management framework[J].Journal of Management World,37(2):12-21,50.(in Chinese) 黄益平，王勋.2022.读懂中国金融：金融改革的经济学分析[M].北京：人民日报出版社.Huang Y P,Wang X.2022.Understanding China's financial system:an economic analysis of the reform policy[M].Beijing:People's Daily Press.(in Chinese) 谢绚丽，沈艳，张皓星，等.2018.数字金融能促进创业吗?——来自中国的证据[J].经济学(季刊),17(4):1557-1580.Xie X L,Shen Y,Zhang H X,et al.2018.Can digital finance promote entrepreneurship?Evidence from China[J].China Economic Quarterly,17(4):1557-1580.(in Chinese) 赵涛，张智，梁上坤.2020.数字经济、创业活跃度与高质量发展——来自中国城市的经验证据[J].管理世界，36(10):65-75.Zhao T,Zhang Z,Liang S K.2020.Digital economy,entrepreneurship,and high-quality economic development:empirical evidence from urban China[J].Journal of Management World,36(10):65-75.(in Chinese) Adelino M,Schoar A,Severino F.2015.House prices,collateral,and self-employment[J].Journal of Financial Economics,117(2):288-306. Aghion P,Fally T,Scarpetta S.2007.Credit constraints as a barrier to the entry and post-entry growth of firms[J].Economic Policy,22(52):731-779. Ayyagari M,Demirgüe-Kunt A,Maksimovic V.2008.How important are financing constraints?The role of finance in the business environment[J].The World Bank Economic Review,22(3):483-516. Balyuk T,Prabhala N,Puri M.2021.Small bank financing and funding hesitancy in a crisis:evidence from the Paycheck Protection Program[R].SSRN Working Paper No.3717259. Balyuk T.2023.FinTech lending and bank credit access for consumers[J].Management Science,69(1):555-575. Bau N,Matray A.2023.Misallocation and capital market integration:evidence from India[J].Econometrica,91(1):67-106. Beck T,Demirguc-Kunt A.2006.Small and medium-size enterprises:access to finance as a growth constraint[J].Journal of Banking & Finance,30(11):2931-2943. Beck T,Pamuk H,Ramrattan R,et al.2018.Payment instruments,finance and development[J].Journal of Development Economics,133:162-186. Beck T,Gambacorta L,Huang Y P,et al.2022.Big techs,QR code payments and financial inclusion[R].BIS Working Papers No.1011. Bekaert G,Harvey C R,Lundblad C.2011.Financial openness and productivity[J].World Development,39(1):1-19. Bellucci A,Borisov A,Zazzaro A.2013.Do banks price discriminate spatially?Evidence from small business lending in local credit markets[J].Journal of Banking & Finance,37(11):4183-4197. Berg T,Burg V,Gombovi?? A,et al.2020.On the rise of FinTechs:credit scoring using digital footprints[J].The Review of Financial Studies,33(7):2845-2897. Berger A N,Udell G F.2002.Small business credit availability and relationship lending:the importance of bank organisationalstructure[J].The Economic Journal,112(477):F32-F53. Bianchi M.2012.Financial development,entrepreneurship,and job satisfaction[J].The Review of Economics and Statistics,94(1):273-286. Brown J R,Fazzari S M,Petersen B C.2009.Financing innovation and growth:cash flow,external equity,and the 1990s R&D boom[J].The Journal of Finance,64(1):151-185. Cornelli G,Frost J,Gambacorta L,et al.2020.Fintech and big tech credit:a new database[R].BIS Working Papers No.887. Di Maggio M,Yao V.2021.FinTech borrowers:lax screening or cream-skimming?[J].The Review of Financial Studies,34(10):4565-4618. Erel I,Liebersohn J.2022.Can FinTech reduce disparities in access to finance?Evidence from the Paycheck Protection Program[J].Journal of Financial Economics,146(1):90-118. Fuster A,Plosser M,Schnabl P,et al.2019.The role of technology in mortgage lending[J].The Review of Financial Studies,32(5):1854-1899. Gambacorta L,Huang Y P,Li Z H,et al.2023.Data versus collateral[J].Review of Finance,27(2):369-398. Haltiwanger J,Jarmin R S,Miranda J.2013.Who creates jobs?Small versus large versus young[J].The Review of Economics and Statistics,95(2):347-361. Harvey C R,Ramachandran A,Santoro J.2021.DeFi and the future of finance[M].Hoboken:John Wiley & Sons. Howell S T,Kuchler T,Snitkof D,et al.2021.Racial disparities in access to small business credit:evidence from the Paycheck Protection Program[R].NBER Working Paper No.29364. Huang Y P,Wang X,Wang X.2020.Mobile payment in China:practice and its effects[J].Asian Economic Papers,19(3):1-18. Jensen T L,Leth-Petersen S,Nanda R.2022.Financing constraints,home equity and selection into entrepreneurship[J].Journal of Financial Economics,145(2):318-337. Kerr W R,Nanda R.2009.Democratizing entry:banking deregulations,financing constraints,and entrepreneurship[J].Journal of Financial Economics,94(1):124-149. Larrain M.2015.Capital account opening and wage inequality[J].The Review of Financial Studies,28(6):1555-1587. Larrain M,Stumpner S.2017.Capital account liberalization and aggregate productivity:the role of firm capital allocation[J].The Journal of Finance,72(4):1825-1858. Levine R,Loayza N,Beck T.2000.Financial intermediation and growth:causality and causes[J].Journal of Monetary Economics,46(1):31-77. Lewbel A.2012.Using heteroscedasticity to identify and estimate mismeasured and endogenous regressormodels[J].Journal of Business & Economic Statistics,30(1):67-80. Li L,Strahan P E.2021.Who supplies PPP loans (and does it matter) Banks,relationships,and the COVID crisis[J].Journal of Financial and Quantitative Analysis,56(7):2411-2438. Philippon T.2015.Has the US finance industry become less efficient?On the theory and measurement of financial intermediation[J].American Economic Review,105(4):1408-1438. Rajan R G,Zingales L.1998.Financial dependence and growth[J].American Economic Review,88(3):559-586. Rajan R G,Zingales L.2003.The great reversals:the politics of financial development in the twentieth century[J].Journal of Financial Economics,69(1):5-50. Robb A M,Robinson D T.2014.The capital structure decisions of new firms[J].The Review of Financial Studies,27(1):153-179. Schmalz M C,Sraer D A,Thesmar D.2017.Housing collateral and entrepreneurship[J].The Journal of Finance,72(1):99-132. Tang H.2019.Peer-to-peer lenders versus banks:substitutes or complements?[J].The Review of Financial Studies,32(5):1900-1938.
- (1)限于篇幅,本文以汉字附编号的图表均列于在线附录。在线附录不随纸质版印刷,感兴趣的读者可在《经济学报》知网增强出版中下载查看。 (2)与本文研究较为接近的两个研究是谢绚丽等(2018)与赵涛等(2020)。 (3)为减少资产的衡量误差,我们借鉴Bau and Matray(2023)的做法,将数字金融兴起前(2012年)每个城市所有行业按资产规模进行排序,划分为10个分位。然后与年度变量交互,作为固定效应进行回归。 (4)便于解释,我们在文中其余地方均对传统金融发展水平的虚拟变量进行回归估计。用连续变量可以得到一致性结果。 (5)附录中的附图4～附图9展示了数字金融兴起对各行业以及不同所有制企业创业的动态影响。 (6)因篇幅所限,本文省略了该部分的回归结果和分析,感兴趣的读者可在《经济学报》知网增强出版中下载。 (7)因篇幅所限,本文省略了该部分的具体方法和结果,感兴趣的读者可在《经济学报》知网增强出版中下载。 (8)我们还分析了距离是否影响数字金融兴起对创业的促进效果,发现距离与I■×Postt三重交互项的系数并不显著,这说明距离并不会影响数字金融兴起对创业的促进效果。这也说明了数字金融跨地域和普惠的效果。限于篇幅,我们未报告具体回归结果。