数字金融对高技术产业技术创新的影响

基于北京大学数字金融研究中心编制的数字普惠金融指数和高技术产业的相关数据，构建2011—2019年省际层面面板数据，通过双向固定效应模型验证数字金融对高技术产业技术创新的影响。研究发现：数字金融可以显著促进高技术产业技术创新，其分指数覆盖广度和使用深度的创新激励作用与总指数保持一致，而数字化程度对高技术产业技术创新表现出一定的抑制作用；数字金融对高技术产业发展具有普惠性，异质性检验发现数字金融对欠发达地区和国有企业占比较小地区的高技术产业技术创新的促进作用更加显著。

The Impact of Digital Finance on Technological Innovation in High-tech Industry

Based on the financial index compiled by the financial research center of Peking University and the data related high technology industries, the provincial level panel data from 2011 to 2019 is built. The influence of digital finance on technological innovation of high-tech industry is verified by bidirectional fixed effect model. The research shows that: Firstly, digital finance significantly promote technological innovation in high-tech industry. Specifically, the innovation incentive effect of the subindex, coverage breadth and depth of use are consistent with the overall index, while the degree of digitalization shows a certain inhibitory effect on technological innovation in high-tech industry. Secondly, digital finance has an inclusive effect on the development of high-tech industries. Heterogeneity test shows that digital finance has a more significant promoting effect on technological innovation of high-tech industries in less developed areas and the areas where state-owned enterprises account for a relatively small proportion.