數位普惠金融會刺激創新成長嗎？

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：77

、訪客IP：3.14.133.162

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?)

相關論文

★ 人身保險業經營財富管理業務之探討	★ 歐洲主權債信危機對台灣證券市場金融股的影響
★ 結構型商品之評價及分析-以匯率及股權連結型商品為例	★ 多元通路行銷保險介紹與分析
★ TRF與DKO評價與客戶承做目的之分析	★ 信用卡信用評分模型的建置與評等－以國內某銀行為例
★ 銀行財富管理行銷策略分析--以TF銀行與S銀行為例	★ 金融科技應用之分析與探討
★ 企業併購之無形資產評價分析:以日月光併購矽品為例	★ 一帶一路對中國股市影響之分析與探討
★ 三大法人進出與台灣股票短期報酬關係之研究	★ 東協政治經濟發展介紹與分析
★ 逆向房屋抵押貸款之探討-以上海銀行契約為例	★ 結構型商品之評價與分析 ―以多資產股權連結結構型商品與保息型匯率連結結構型商品為例
★ 台指選擇權隱含波動度價差之交易策略探討	★ 衍生性商品與逆向抵押貸款之評價研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

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

參考文獻

Almeida, H., Campello, M., & Weisbach, M. S. (2004). The cash flow sensitivity of
cash. The Journal of Finance, 59(4), 1777-1804.
Almeida, H., Campello, M., Laranjeira, B., & Weisbenner, S. (2009). Corporate debt
maturity and the real effects of the 2007 credit crisis (No. w14990). National
Bureau of Economic Research.
An, H., Chen, Y., Luo, D., & Zhang, T. (2016). Political uncertainty and corporate
investment: Evidence from China. Journal of Corporate Finance, 36, 174-189.
Arcand, J. L., Berkes, E., & Panizza, U. (2015). Too much finance?. Journal of
Economic Growth, 20(2), 105-148.
Bahadir, B., & Valev, N. (2015). Financial development convergence. Journal of
Banking & Finance, 56, 61-71.
Balsmeier, B., Fleming, L., & Manso, G. (2017). Independent boards and
innovation. Journal of Financial Economics, 123(3), 536-557.
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much
more cash than they used to?. The Journal of Finance, 64(5), 1985-2021.
Beck, T., & Demirguc-Kunt, A. (2006). Small and medium-size enterprises: Access to
finance as a growth constraint. Journal of Banking & finance, 30(11), 2931-2943.
Beck, T., Demirgüç‐Kunt, A. S. L. I., & Maksimovic, V. (2005). Financial and legal
constraints to growth: does firm size matter?. The Journal of Finance, 60(1), 137-
177.
Baker, S. R., Bloom, N., & Davis, S. J. (2016). Measuring economic policy
uncertainty. The Quarterly Journal of Economics, 131(4), 1593-1636.
Billett, M. T., & Yu, M. (2016). Asymmetric information, financial reporting, and openmarket share repurchases. Journal of Financial and Quantitative Analysis, 51(4),
1165-1192.
Brick, I. E., & Liao, R. C. (2017). The joint determinants of cash holdings and debt
maturity: the case for financial constraints. Review of Quantitative Finance and
Accounting, 48(3), 597-641.
Brown, J. R., Martinsson, G., & Petersen, B. C. (2017). Stock markets, credit markets,
and technology-led growth. Journal of Financial Intermediation, 32, 45-59.
Bruhn, M., & Love, I. (2014). The real impact of improved access to finance: Evidence
from Mexico. The Journal of Finance, 69(3), 1347-1376.
Butler, A. W., & Cornaggia, J. (2011). Does access to external finance improve
productivity? Evidence from a natural experiment. Journal of Financial
Economics, 99(1), 184-203.
37
Calderón, C., & Liu, L. (2003). The direction of causality between financial
development and economic growth. Journal of Development Economics, 72(1),
321-334.
Célerier, C., & Matray, A. (2019). Bank-branch supply, financial inclusion, and wealth
accumulation. The Review of Financial Studies, 32(12), 4767-4809.
Cerqueiro, G., Hegde, D., Penas, M. F., & Seamans, R. C. (2017). Debtor rights, credit
supply, and innovation. Management Science, 63(10), 3311-3327.
Chauvet, L., & Jacolin, L. (2017). Financial inclusion, bank concentration, and firm
performance. World Development, 97, 1-13.
Cornaggia, J., & Li, J. Y. (2019). The value of access to finance: Evidence from
M&As. Journal of Financial Economics, 131(1), 232-250.
Cornaggia, J., Mao, Y., Tian, X., & Wolfe, B. (2015). Does banking competition affect
innovation?. Journal of Financial Economics, 115(1), 189-209.
David, P., O′Brien, J. P., & Yoshikawa, T. (2008). The implications of debt
heterogeneity for R&D investment and firm performance. Academy of
Management Journal, 51(1), 165-181.
DeAngelo, H., DeAngelo, L., & Stulz, R. M. (2006). Dividend policy and the
earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial
Economics, 81(2), 227-254.
Demir, A., Pesqué-Cela, V., Altunbas, Y., & Murinde, V. (2020). Fintech, financial
inclusion and income inequality: a quantile regression approach. The European
Journal of Finance, 1-22.
Demirgüç-Kunt, A., & Klapper, L. F. (2012). Measuring financial inclusion: The global
findex database. World bank policy research working paper, (6025).
Denis, D. J., & McKeon, S. B. (2012). Debt financing and financial flexibility evidence
from proactive leverage increases. The Review of Financial Studies, 25(6), 1897-
1929.
Duong, H. N., Nguyen, J. H., Nguyen, M., & Rhee, S. G. (2020). Navigating through
economic policy uncertainty: The role of corporate cash holdings. Journal of
Corporate Finance, 62, 101607.
Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions
about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
Fang, V. W., Tian, X., & Tice, S. (2014). Does stock liquidity enhance or impede firm
innovation?. The Journal of Finance, 69(5), 2085-2125.
Fernandez, V. (2017). The finance of innovation in Latin America. International
Review of Financial Analysis, 53, 37-47.
Fungáčová, Z., & Weill, L. (2015). Understanding financial inclusion in China. China
Economic Review, 34, 196-206.
38
Garcia-Vega, M., & Vicente-Chirivella, O. (2020). Do university technology transfers
increase firms’ innovation? European Economic Review, 123.
Gil, P. M., & Figueiredo, F. (2013). Firm size distribution under horizontal and vertical
innovation. Journal of Evolutionary Economics, 23(1), 129–161.
Gopalan, R., Song, F., & Yerramilli, V. (2014). Debt maturity structure and credit
quality. Journal of Financial and Quantitative Analysis, 49(4), 817-842.
Grossman, G. M., & Helpman, E. (1994). Endogenous innovation in the theory of
growth. Journal of Economic Perspectives, 8(1), 23-44.
Guiso, L., Sapienza, P., & Zingales, L. (2004). Does local financial development
matter?. The Quarterly Journal of Economics, 119(3), 929-969.
Guo, F., Wang, J., Wang, F., Kong, T., Zhang, X., & Cheng, Z. (2020). Measuring
China’s digital financial inclusion: Index compilation and spatial
characteristics. China Economic Quarterly.
Hall, B. H., & Lerner, J. (2010). The financing of R&D and innovation. In Handbook
of the Economics of Innovation (Vol. 1, pp. 609-639). North-Holland.
Hall, B. H., Jaffe, A. B., & Trajtenberg, M. (2001). The NBER patent citation data file:
Lessons, insights and methodological tools.
Hasan, I., & Tucci, C. L. (2010). The innovation–economic growth nexus: Global
evidence. Research Policy, 39(10), 1264-1276.
Hasan, I., Hoi, C. K. S., Wu, Q., & Zhang, H. (2020). Is social capital associated with
corporate innovation? Evidence from publicly listed firms in the US. Journal of
Corporate Finance, 62, 101623.
He, Z., & Wintoki, M. B. (2016). The cost of innovation: R&D and high cash holdings
in US firms. Journal of Corporate Finance, 41, 280-303.
Hecht, J. (2018). Research and development and labour productivity: Do high-tech
firms exhibit labour- or capital-saving technical change? Applied
Economics, 50(16), 1790–1811.
Honohan, P. (2008). Cross-country variation in household access to financial services.
Journal of Banking & Finance, 32(11), 2493-2500.
Hsu, P. H., Tian, X., & Xu, Y. (2014). Financial development and innovation: Crosscountry evidence. Journal of Financial Economics, 112(1), 116-135.
Jia, N., & Tian, X. (2018). Accessibility and materialization of firm innovation. Journal
of Corporate Finance, 48, 515-541.
Jiang, F., Jiang, Z., & Kim, K. A. (2020). Capital markets, financial institutions, and
corporate finance in China. Journal of Corporate Finance, 63, 101309.
Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide
useful measures of financing constraints?. The Quarterly Journal of
Economics, 112(1), 169-215.
39
Karlan, D., & Morduch, J. (2010). Access to finance. In Handbook of Development
Economics (Vol. 5, pp. 4703-4784). Elsevier.
Kor, Y. Y. (2006). Direct and interaction effects of top management team and board
compositions on R&D investment strategy. Strategic Management Journal, 27(11),
1081-1099.
Lanjouw, J. O., & Schankerman, M. (2004). Patent quality and research productivity:
Measuring innovation with multiple indicators. The Economic Journal, 114(495),
441-465.
Law, S. H., & Singh, N. (2014). Does too much finance harm economic
growth?. Journal of Banking & Finance, 41, 36-44.
Lee, C. C., Wang, C. W., & Ho, S. J. (2020). Financial inclusion, financial innovation,
and firms’ sales growth. International Review of Economics & Finance, 66, 189-
205.
Lee, N., & Luca, D. (2019). The big-city bias in access to finance: evidence from firm
perceptions in almost 100 countries. Journal of Economic Geography, 19(1), 199-
224.
Liu, F. C., Simon, D. F., Sun, Y. T., & Cao, C. (2011). China′s innovation policies:
Evolution, institutional structure, and trajectory. Research Policy, 40(7), 917-931.
Love, I. (2003). Financial development and financing constraints: International
evidence from the structural investment model. The Review of Financial
Studies, 16(3), 765-791.
Love, I., & Zicchino, L. (2006). Financial development and dynamic investment
behavior: Evidence from panel VAR. The Quarterly Review of Economics and
Finance, 46(2), 190-210.
Lu, J., & Wang, W. (2018). Managerial conservatism, board independence and
corporate innovation. Journal of Corporate Finance, 48, 1-16.
Luo, M. (2011). A bright side of financial constraints in cash management. Journal of
Corporate Finance, 17(5), 1430-1444.
Nizam, R., Karim, Z. A., Sarmidi, T., & Rahman, A. A. (2021). Financial inclusion and
firm growth in ASEAN-5 countries: a new evidence using threshold
regression. Finance Research Letters, 41, 101861.
Ovtchinnikov, A. V., Reza, S. W., & Wu, Y. (2020). Political activism and firm
innovation. Journal of Financial and Quantitative Analysis, 55(3), 989-1024.
Park, C. Y., & Mercado, R. (2015). Financial inclusion, poverty, and income inequality
in developing Asia. Asian Development Bank Economics Working Paper Series,
(426).
Prina, S. (2015). Banking the poor via savings accounts: Evidence from a field
experiment. Journal of Development Economics, 115, 16-31.
40
Rahaman, M. M. (2011). Access to financing and firm growth. Journal of Banking &
Finance, 35(3), 709-723.
Ren, S., Cheng, Y., Hu, Y., & Yin, C. (2021). Feeling right at home: Hometown CEOs
and firm innovation. Journal of Corporate Finance, 66, 101815.
Robinson, J. (1952). The Rate of Interest and Other Essays. The Economic Journal, 62,
930-935.
Romer, P. M. (1990). Endogenous technological change. Journal of Political
Economy, 98(5, Part 2), S71-S102.Wang, R., Liu, J., & Luo, H. (2021). Fintech
development and bank risk taking in China. The European Journal of
Finance, 27(4-5), 397-418.
Sarma, M., & Pais, J. (2011). Financial inclusion and development. Journal of
international development, 23(5), 613-628.
Schumpeter, J.A. (1911). The Theory of Economic Development. Harvard University
Press, Cambridge.
Shen, C. H., & Lee, C. C. (2006). Same financial development yet different economic
growth: why?. Journal of Money, Credit and Banking, 1907-1944.
Sunder, J., Sunder, S. V., & Zhang, J. (2017). Pilot CEOs and corporate
innovation. Journal of Financial Economics, 123(1), 209-224.
Wang, R., Liu, J., & Luo, H. (2021). Fintech development and bank risk taking in
China. The European Journal of Finance, 27(4-5), 397-418.
Wang, Y., Chen, C. R., & Huang, Y. S. (2014). Economic policy uncertainty and
corporate investment: Evidence from China. Pacific-Basin Finance Journal, 26,
227-243.
Xu, N., Chen, Q., Xu, Y., & Chan, K. C. (2016). Political uncertainty and cash holdings:
Evidence from China. Journal of Corporate Finance, 40, 276-295.
Zenger, T. R. (1994). Explaining organizational diseconomies of scale in R&D: Agency
problems and the allocation of engineering talent, ideas, and effort by firm
size. Management Science, 40(6), 708-729.
Zhou, Z. (2017). Government ownership and exposure to political uncertainty:
Evidence from China. Journal of Banking & Finance, 84, 152-165.
Zhu, X., Asimakopoulos, S., & Kim, J. (2020). Financial development and innovationled growth: Is too much finance better?. Journal of International Money and
Finance, 100, 102083.

指導教授

吳庭斌(Ting-Pin Wu)

審核日期

2022-7-4

推文