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。;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.
