數位普惠金融會刺激創新成長嗎？

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姓名

李心慈(Hsin-Tzu Li) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

數位普惠金融會刺激創新成長嗎？
(Does Digital Financial Inclusion Spur Innovation Growth?)

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至系統瀏覽論文 (2027-6-30以後開放)

摘要(中)

本文研究 2011 年至 2018 年間，中國的普惠金融發展對於公司創新的影響。
實證結果顯示省份普惠金融發展對公司創新有顯著的正面影響。在衡量數位普惠
金融的三個主要維度中，覆蓋廣度與使用深度對公司創新具有一致的正向影響，
普惠金融的數位化程度與公司創新則呈現負相關。另外，經濟發展程度較低的省
份和債務結構較高的公司從普惠金融的發展中受益最大。根據結果，我們發現普
惠金融能夠改善公司的融資管道並增加資金來源，促使企業挹注更多資源在創新
發展上。此外，我們也發現在政府增加對於普惠金融的重視程度和經濟面臨高度
不確定性的情況下，普惠金融的價值更為顯著。本研究有助於了解普惠金融與公
司政策之間的關係，並對政府投入普惠金融發展具有政策意涵，可以提供給各國
政策制定者做為參考。

摘要(英)

This study examines the impact of financial inclusion on innovation growth in China
over the period 2011–2018. We provide empirical evidence that indicates the significant
benefit of provincial financial inclusion on firm innovation. For the three main
dimensions of digital financial inclusion, we show that coverage breadth and usage
depth have consistent positive impacts on firm innovation, while the relation between
the digitalization level of digital financial inclusion and innovation turns out to be
negative. In particular, we find that provinces with a lower level of economic
development and firms with a higher debt structure benefit the most from the progress
in financial inclusion. These findings reveal that financial inclusion improves access to
finance and expands the source of funding, encouraging firms to invest in innovation.
We also find that the value of financial inclusion is magnified with increased efforts by
the government and in the face of high uncertainty. Our study contributes to the
literature on the relationship between financial inclusion and corporate policies and
provides policy implications for the promotion of financial inclusion.

關鍵字(中)

★ 普惠金融
★ 覆蓋廣度
★ 公司創新
★ 使用深度
★ 數位化程度

關鍵字(英)

★ Financial inclusion
★ Coverage breadth
★ Innovation growth
★ Usage depth
★ Digitalization level

論文目次

摘要 i
Abstract ii
誌謝 iii
Table of Contents iv
List of Figures v
List of Tables v
1. Introduction 1
2. Stylized Facts: Financial Inclusion and Firms’ Innovation 5
3. Literature Review and Hypotheses 6
3.1. Financial inclusion and firms’ innovation 7
3.2. Discrepant effect of financial inclusion on firms’ innovation 9
4. Data 12
4.1. Data source and sample construction 12
4.2. The measurement of firm innovation 12
4.3. The measurement of financial inclusion 14
4.3.1. The procedure of merging PKU-DFIIC with Global Compustat 14
4.3.2. Instrumental variable 15
4.4. Control variables 16
4.5. Summary Statistics 16
5. Methodology 18
6. Empirical Results 20
6.1. Baseline Results 20
6.2. Quantile Regression Analysis 24
6.3. Subsample Analysis 27
7. Additional Tests 30
7.1. G20 Hangzhou summit of 2016 30
7.2. Financial inclusion and economic policy uncertainty 32
7.3. The effect of economic growth 33
8. Conclusion 34
Reference 36
Appendix 41

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指導教授

吳庭斌(Ting-Pin Wu)

審核日期

2022-7-4

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