An Analysis of the Regulation Mechanism of Shadow Banking in the Process of Digital Inclusive Finance for Innovation in Promoting STAR Market Companies Based on the Individual Fixed-Effect Model

本文利用滞后一期的数字普惠金融指数与2019~2021年中国科创板上市企业的专利数据进行匹配，使用固定效应模型，考察了数字普惠金融对科创板企业技术创新的影响作用，并深入探究了其中地区影子银行发展程度所起到的调节效应。研究发现：数字普惠金融对于科创板企业技术创新具有显著的促进作用；地区影子银行发展程度对于二者关系具有正向调节效应，影子银行发展缓解科创板企业融资约束的正向作用要高于其可能存在的错误资金导向作用；在影子银行发展的正向调节作用下，数字普惠金融的覆盖广度在促进科创板企业的技术创新方面具有更好的效果；进一步异质性分析发现，在战略层面上对人工智能关注程度较低的科创板企业所受到的数字普惠金融促进效应要更为显著，即非热门领域科创板企业比备受关注的科创板企业具有更少的融资渠道，因此从数字普惠金融中受益更多。结果表明：政府应引导数字普惠金融与科技创新型企业深度融合、鼓励金融机构提升非热门领域的融资服务水平，并优化对影子银行的监管政策，提升资本市场资源配置效率，以促进科技创新和经济高质量发展。Using the lagged one-period digital inclusive finance index and patent data of Chinese STAR Market listed companies from 2019 to 2021, this study employs a fixed-effect model to examine the impact of digital inclusive finance on technological innovation in STAR Market companies. Additionally, it delves into the moderating effect of regional shadow banking development. The findings reveal that digital inclusive finance significantly promotes technological innovation in STAR Market companies. Furthermore, the development of regional shadow banking positively moderates this relationship, with the mitigating effect on financing constraints outweighing any potential misallocation of funds. Under the positive moderating influence of shadow banking development, the breadth of digital inclusive finance demonstrates a more substantial effect in promoting technological innovation in STAR Market companies. Further heterogeneity analysis indicates that the promoting effect of digital inclusive finance is more pronounced for STAR Market companies with a lower attention on artificial intelligence at the strategic level, suggesting that STAR Market companies in less popular fields benefit more from digital inclusive finance due to fewer financing channels than STAR Market companies with a high attention. The results suggest that the government should guide the deep integration of digital inclusive finance with technology-innovative enterprises, encourage financial institutions to enhance financing services in less popular fields, and moderately relax the stringent regulation on shadow banking to improve the efficiency of resource allocation in capital markets, thereby promoting technological innovation and high-quality economic development.