功能视角下数字普惠金融阈值对技术创新的非对称影响

数字普惠金融作为数字技术驱动金融包容性增长的新金融形式,无论在服务范围和触达能力的规模层面,还是在与信息技术深度融合的功能层面,均能更精准地支持技术创新。本文首先基于A&H模型与内生增长模型,嵌入金融超发展非线性影响关系,并借助数值模拟方法,揭示数字普惠金融规模和效率层面的不同阈值对技术创新的非对称传导机制和影响特征。其次,沿着功能视角,基于我国2011—2018年地级市数据,运用门限模型实证检验数字普惠金融阈值对技术创新的影响,结果发现：数字普惠金融对技术创新存在非对称影响,在不同阈值范围内对技术创新影响程度不同;数字普惠金融的覆盖广度、使用深度2个规模维度对技术创新的影响在超过合理阈值后呈现递减特征,而数字化程度这个功能维度表现为持续的正向促进作用;数字普惠金融对技术创新影响存在显著的区域差异,对于东部地区,金融规模过度扩张表现出不同阈值的边际递减效应,而金融效率可以保持正向促进影响,对于中西部地区,两者均表现出正向促进作用。研究结论表明,数字普惠金融促进技术创新中的功能层面改善是突破规模瓶颈的重要手段。     

金融机构和第三方支付在移动支付市场的博弈研究

移动支付的快速发展,使金融机构和第三方支付等支付主体纷纷抢占移动支付平台。第三方支付在移动支付市场迅猛增长,使其在移动支付中逐渐占据一个重要的位置。本文主要研究金融机构和第三方支付的竞合关系,通过建立两者在完全信息条件下的静态博弈模型,对模型均衡解分析得出开展移动支付业务的约束条件,指出双方可能的运营模式和影响因素并得出最佳策略为双方合作运营共同主导移动支付平台。     

数字金融发展对区域创新的影响路径：基于“双循环”视阈

在“双循环”经济发展新格局下，为更好地引导金融避虚向实、服务实体经济创新投入，从国内国际双循环视角分析数字金融对区域创新的影响路径。利用2011－2019年我国31个省份平衡面板数据，采用回归模型和中介效应模型进行实证分析，并引入区域金融监管和产业结构升级因素进行异质性分析。结果显示：数字金融及其分指数都能正向促进区域创新，其中使用深度促进程度最大、数字化程度次之、覆盖广度最小；数字金融通过“双循环”促进区域创新，在内循环方面通过促进居民消费和提高信贷水平产生促进效应，在外循环方面通过提高对外直接投资水平、外商直接投资水平和促进国际贸易产生促进效应；在高金融监管强度和高第二产业占比的情况下，数字金融的促进效应更强。最后从加快传统金融业数字化转型、形成供需协同的区域创新水平发展动力、科技驱动型金融监管创新和数字金融与实体经济结合四方面提出对策建议。     

Why do people use mobile payment technologies and why would they continue? An examination and implications from India

Mobile payment technology continues to spread across the globe, but its diffusion has not been uniform. Its low usage in developing economies is of particular concern to policymakers since this technology has the potential to enable financial inclusion. In this study, in order to develop policy interventions for greater usage, we comparatively analyze factors impacting actual usage and future use intention. India, with its uneven trajectory of mobile payments, gives us an appropriate field to investigate citizens’ usage behaviour. Considering users’ perceptions of both positive and negative attributes of the technology, we develop research models under the umbrella of the valence framework. We utilize technology affordances and constraints theory (TACT) to refine the research models through an understanding of various innovative uses. To test the valence-TACT models, we collect survey responses of 551 citizens across four Indian cities. The results from the models show how certain factors, such as convenience, reflection, and security, have different impacts on actual usage and future use intention, respectively. These findings have implications for critical issues like security, risk, and digital literacy, and can help in the design of policy recommendations for enhancing the use of mobile payments, thereby impacting financial inclusion for all. The valence-TACT model provides a theoretical contribution to mobile payment and innovation literature and also offers several policy insights.     

金融错配影响技术创新的政府补贴效应分析——基于企业控股权性质差异视角

    基于控股权性质差异视角,本文首先理论分析金融错配对国有与民营企业技术创新产出及其模式选择的差异性影响,以及政府补贴在缓解金融错配影响企业技术创新时的政策效应;然后再以我国A股市场2012—2019年期间上市企业为样本并基于面板数据模型进行实证检验。研究结果表明：虽然金融错配有助于增加国有企业技术创新产出,但它在降低民营企业创新产出水平的同时,会严重阻碍国有与民营企业原始发明创新能力的提升;政府补贴能有效缓解金融错配对民营企业技术创新产出与原始发明创新能力的不利影响,并对其研发投入产生正向“挤入效应”,但它对国有企业技术创新投入与产出的政策效果均不显著。     

感知知识个人所有权与隐性知识共享意愿——知识付费调节作用下的中介效应

[目的/意义]基于知识付费的中介效应视角，以在线社会网络为研究对象，分析知识个体的感知知识个人所有权、自我效能感对隐性知识共享意愿的影响机制，以期对促进在线社会网络运营主体充分调动知识个体持有者主动共享其隐性知识产生一定的启示作用。[方法/过程]基于对314名样本的数据采集结果相关性分析，构建回归分析模型，并通过MPLUS7.0软件对变量之间的作用关系进行分析。[结果/结论]1）感知知识个人所有权促进隐性知识共享意愿的提升；2）自我效能感完全中介感知知识个人所有权对隐性知识共享意愿的影响；3）知识付费程度越高，自我效能感对隐性知识共享意愿的正向影响会被削弱，自我效能感在感知知识个人所有权与隐性知识共享意愿之间所起的中介作用也会被削弱。     

数字普惠金融发展、金融错配缓解与企业创新

本文利用2011—2018年沪深两市A股上市公司的数据,将其与北京大学数字普惠金融指数及地级市城市特征数据匹配,并采用双向固定效应模型与工具变量法基于金融错配视角实证检验数字普惠金融对企业创新的影响以及其内在机制。结果表明,数字普惠金融的发展显著地促进企业创新,且此结论在考虑内生性问题及稳健性检验后依然成立。进一步地,机制检验发现,数字普惠金融能够显著缓解企业金融错配程度,进而对企业创新产生显著的促进效应,且金融错配在数字普惠金融三个子维度影响企业创新的过程中也均起到中介作用。最后,异质性分析表明,在国有企业以及中西部地区企业,数字普惠金融通过缓解金融错配来推动企业创新的效应更为显著。总体而言,本文结论表明,数字普惠金融发展有利于缓解金融资源错配问题,对于提升企业自主创新水平具有重要的现实意义。     

基于CiteSpace的知识付费研究热点及趋势研究

[目的/意义]旨在为我国知识付费研究提供主题参考。[方法/过程]基于知识流动性特征,对知识付费的内涵进行了界定;以CNKI和Web of Science来源期刊中与知识付费相关的527篇论文作为研究对象,应用文献计量法对文献的发展特征进行了描述并借助CiteSpace V绘制知识图谱,对知识付费相关研究的研究热点及研究趋势进行分析。[结果/结论]我国知识付费领域的研究仍然处于文献爆炸增长的起步阶段,主要研究热点集中在数字出版、知识付费理论、知识付费平台、用户付费行为与意愿四个方面。用户视角下的知识付费平台服务评价指标体系和知识付费服务的测度问题是两个有待进一步探讨的研究点。     

既得利益、均等化与政府间财政转移支付影响因素——基于河北省的实证分析

以河北省为例,通过对2008年和2007年有关数据的实证分析,探究现行财政转移支付政策的主要影响因素和政策取向,认为对地方既得利益的考虑是影响河北省财政转移支付政策的决定性因素。在此基础上,财政转移支付政策对人口密度低的地区、标准财政供养人口比例高的地区和民族自治县有所照顾,具有一定的均等化效应。但同时也对人均财政收入高的地区倾斜,存在非均等效应。整体呈现渐进性的改革特征,政策取向仍是维护地方既得利益,而不是均等化。由于过度地考虑既得利益,财政转移支付对地方政府财政努力产生了反向激励作用。并提出相关政策建议。     

数字化水平对创新绩效影响的实证研究——基于浙江省73个县（区、市）的面板数据

 基于国家创新和数字化战略的考虑，各级政府不断加大数字化投入，力求提高区域创新水平，增强区域创新能力。目前，在区域数字化水平对创新绩效影响领域还缺乏相关实证研究成果，特别是县（区、市）层面的研究。基于此，本文采用2015-2017年浙江省73个县（区、市）的面板数据，从数字化接入、装备、平台建设、应用水平四个方面实证研究区域数字化水平对创新绩效的影响。实证研究结果表明：区域数字化接入水平的提高有利于提升创新绩效，区域数字化装备、平台建设、应用水平对创新绩效影响呈现倒U型关系。推进区域数字化建设有利于创新绩效的提高，但需注意协调在不同数字化投入方向上的资源投入不足和过度投入等问题。     

Nurturing a FinTech ecosystem: The case of a youth microloan startup in China

Financial technology, or FinTech, involves the design and delivery of financial products and services through technology. It impacts financial institutions, regulators, customers, and merchants across a wide range of industries. Pervasive digital technologies are challenging the fundamentals of the highly regulated financial sector, leading to the emergence of non-traditional payment systems, peer-to-peer money exchanges and increased turbulence in currency markets. This case study explores the development of a FinTech company in China that offers microloans to college students. Five lessons learned are presented for organizations to better manage the challenges and to leverage the opportunities amidst the disruption of financial sector. Our findings also shed light on how digital technology 1) offers the strategic capability for a firm to occupy a market niche in financial sector, 2) enables the generation of alternative credit scores based on non-traditional data, and 3) improves the financial inclusion of previously excluded market segments.     

既得利益与财政转移支付的均等化效应分析

采用基尼系数对整体财政转移支付政策及各项转移支付政策的均等化效应进行了分析,认为现行财政转移支付制度有一定的均等化效应,但反映地方既得利益的返还性收入和反映部门既得利益的专项转移支付比重超过了均等化效应最强的财力性转移支付,从而限制了财政转移支付政策均等化效应的实现。就此提出扩大一般性转移支付规模及控制专项转移支付规模的政策建议。     

Innovation in times of financialization: Do future-oriented innovation strategies suffer? Examples from German industry

Shareholder value, short-term strategies, quarterly financial reports, and performance-based remuneration are strong indicators of a financial market-oriented company. It is questionable whether innovativeness and sustainable innovation capabilities can be maintained in times of financialization focused on short-term efficiency instead of free space for creativity and learning. Using the example of established German industrial companies, I examined the extent to which financialization and financial market actors steer innovation strategies and practices. In-depth interviews with companies, cluster managers and banks and reviews of financing data do not reveal a direct influence of financial investors on innovation activities. On the contrary, companies’ managements still have the power to decide how much financial control and standardization they allow for their companies’ innovation practices. The pressure on these German companies to innovate comes from their strong market orientation rather than from financialization.     

Digital payment and banking adoption research in Gulf countries: A systematic literature review

The global spread and use of internet and mobile contributed to the development of digital payments and baking. There is a lack of research which provides comprehensive synthesis and analysis of factors affecting the use and adoption of digital banking and payment methods in GCC countries. Thus, the aim of this paper is to provide a comprehensive literature review and perform weight and meta-analysis. By reviewing 46 studies, it was found that best predictors for digital payment and banking adoption in GCC countries are trust, perceived security and perceived usefulness. Based on the extensive literature review, the conceptual of factors affecting adoption digital banking and payment methods in Gulf countries model was proposed, which will set agenda for future research. Practitioners will be able to use the findings from this study to improve adoption and quality of digital banking and payment services     

基金缺口、缴费比率与财政负担能力:基于对社会保障主体的缴费能力研究

缴费水平和财政负担能力是社会保障制度中的关键环节.笔者运用柯布-道哥拉斯生产函数测算了各缴费主体应承担的适度缴费比例以及2008年到2030年间财政收入状况.通过分析知,个人缴费率特别是农村社会保障个人缴费率还存在较大的提高空间,但企业缴费率超出了能够承受的缴费水平.     

我国科技成果权属改革的历史逻辑?从所有制、科技成果所有权到知识产权

赋予科研人员科技成果所有权或长期使用权,是当前中央推动市场机制在配置创新资源中充分发挥决定性作用的关键性改革探索。由于我国经济体制的公有制性质,如何有效处理国家、集体与个人的关系必然成为我国科技成果权属制度改革的核心问题。文章通过回溯新中国成立后我国科技成果权属的制度变迁与改革历程,从改革逻辑中厘清科技成果公有制、科技成果所有权与知识产权对于科技成果权属改革制度的意义,尝试探寻科技成果权属制度的改革经验和制度规律,凝聚推动当前新一轮科技成果权属改革的观念共识。     

价格管制、医保支付政策与制药企业创新激励

本文综合考虑价格管制和现行的医保支付政策,研究制药企业创新投入和药品定价的协同决策问题,探讨价格管制和医保支付政策对制药企业创新投入和创新药定价的交互作用机制。研究表明,制药企业定价机制的选择受到管制价格和医保支付政策的双重影响,特别地,当医保支付比例较高时,价格不能作为药品的创新水平的信号,适当降低医保支付有助于控制制药企业创新中的机会主义行为;价格管制对制药企业创新投入的作用受到医保支付政策和企业自身创新能力的共同影响;价格管制并非总是降低企业的创新激励,当医保支付比例较高时,价格管制可在一定程度上纠正创新投入配置的扭曲,提高创新能力中等的制药企业的创新激励。     

From knowledge to added value: A comparative, panel-data analysis of the innovation value chain in Irish and Swiss manufacturing firms

The innovation value chain (IVC) divides the innovation process into three separate links or activities: knowledge gathering, knowledge transformation and knowledge exploitation. Here, we report a comparative panel data analysis of the IVC in Ireland and Switzerland. Both economies are small, very open and depend significantly on innovation to maintain competitive advantage. In recent years, however, R&D and innovation growth in Ireland has been markedly stronger than that in Switzerland. We investigate these differences through the ‘lens’ of the IVC. Significant similarities exist between some aspects of firms’ innovation behaviour in each country: strong complementarities emerge between external knowledge sources and between firms’ internal and external knowledge. And, in both countries, in-house R&D and links to customers prove important drivers of innovation. Innovation drives productivity growth in different ways in the two countries, however, through product change in Switzerland and through process change in Ireland. Other differences in the determinants of innovation performance linked to ownership and firms’ institutional context emphasise the systemic nature of innovation and the legacy of past patterns of industrial development.     

Digital transformation and European small and medium enterprises (SMEs): A comparative study using digital economy and society index data

Digital transformation is profoundly transforming SMEs' business activities, bringing about comparative advantages and associated risks. Previous studies on digital transformation and SMEs focus on technology adoption, innovation, new value creation, and dynamic capabilities. However, it is unclear how digital technology affects SMEs' specific business activities. We study SMEs' customer access, increasing competition, external funding or access to finance, rising input costs, skilled labor shortages, exogenous shocks, global crises, and regulatory issues. This study aims to fill the literature gap by exploring the impact of digital technology, using digital economy and society index (DESI) as proxies for the SME issues. We use DESI and SME data from a survey on European enterprises’ access to finance. We find that digital transformation strengthens SMEs' ability and flexibility to address main business issues. Furthermore, findings reveal that digitally transformed SMEs have fewer concerns about access to new and traditional customers, competition changes, access to finance, increasing input costs, external shocks, and regulatory changes. However, digital transformation also brings risks, such as the shortage of skilled labor and experienced managers and loss of inherent competitiveness. The novelty of our work lies in supplying quantitative knowledge on the link between digital transformation and European SMEs' critical business concerns. These findings substantially increase our understanding of the impact of digital change on European SMEs' business activities.     

金融错配与企业创新——基于政策扭曲与金融摩擦研究

本文在Matsuyama与 G-S模型的基础上引入金融错配等变量,系统考察金融错配对企业创新的影响机理并予以模型刻画,进而提出核心命题。利用2003—2018年我国上市公司微观数据,在测算金融错配指数的基础上,从政策扭曲与金融摩擦双重视角对上述核心命题进行验证。研究结果发现：金融错配对企业创新具有明显的“抑制效应”,尤其是对企业“创新质量较高的发明专利”抑制作用更为显著。进一步检验揭示,金融错配会通过政策扭曲和金融摩擦这两条路径影响企业创新。本文研究意义在于不仅从微观层面揭示金融错配抑制创新的内在逻辑,同时从双视角进一步剖析金融错配的影响渠道,对于改善企业经营环境,促进企业创新具有重要的现实意义。