数字普惠金融、知识产权保护与企业创新

加快实施创新驱动发展战略已成为社会各界重点关注的议题。本文将数字普惠金融、知识产权保护与企业创新置于同一框架下进行分析，研究发现：数字普惠金融与知识产权保护均有利于促进企业创新；知识产权保护对数字普惠金融与企业创新的关系具有负向调节作用。进一步分析发现：数字普惠金融主要通过降低信息不对称、融资约束与财务风险来促进企业创新；数字普惠金融的创新激励作用有利于提高企业的产品与资本市场表现、促进地区经济增长；异质性检验发现，知识产权保护对数字普惠金融与企业创新的调节作用具有“规模效应”“融资依赖效应”和“阶段效应”。研究结论不仅丰富了企业创新的相关文献，还为完善金融监管体系、优化知识产权环境提供了有益启示。

Digital Inclusive Finance, Intellectual Property Protection and Enterprise Innovation

Accelerating the implementation of the innovative development strategy has become the focus of all sectors of society. This paper analyzes digital inclusive finance, intellectual property protection and enterprise innovation under the same framework, and finds that digital inclusive finance and intellectual property protection are conducive to promoting enterprise innovation; Intellectual property protection plays a negative role in regulating the relationship between digital inclusive finance and enterprise innovation. Further analysis shows that digital inclusive finance mainly promotes enterprise innovation by reducing information asymmetry, financing constraints and financial risks; The innovative incentive role of digital inclusive finance is conducive to improving the performance of enterprises'' products and capital markets and promoting regional economic growth; The heterogeneity test shows that the regulatory effect of intellectual property protection on digital inclusive finance and enterprise innovation has "scale effect", "financing dependence effect" and "stage effect". The research conclusion not only enriches the relevant literature of enterprise innovation, but also provides beneficial enlightenment for improving the financial supervision system and optimizing the intellectual property environment.