Abstract：The increase in financial depth is conducive to relaxing corporate financing constraints, that is, as a supply-side force, which affects corporate R&D activities; the increase in financial breadth may be conducive to narrowing the income gap, improving market size and the demand structure of innovative products, and then affecting companies’ R&D activities motivation. This paper studies whether the improvement of financial breadth affects demand-driven innovation by changing market characteristics, i.e., whether inclusive finance can affect enterprise product innovation by narrowing the income gap. Based on related theories and literature, this article puts forward three hypotheses. Hypothesis 1: The credit function of rural inclusive finance is conducive to narrowing the urban-rural income gap; the savings function is not conducive to narrowing the urban-rural income gap. Hypothesis 2: The narrowing of the income gap is conducive to increasing the demand for innovative products, that is, the impact of income gap on demand-driven product innovation is dominated by ″market scale effect″. Hypothesis 3: The credit function of rural inclusive finance promotes product innovation by narrowing the income gap between urban and rural areas; the savings function inhibits product innovation by expanding the income gap between urban and rural areas. In order to verify the hypotheses, this paper uses China's inter-provincial panel data from 2006 to 2013 to conduct research. The empirical research is divided into three parts, corresponding to the above three hypotheses. Empirical study 1, using the urban-rural income gap as the explained variable, and rural inclusive finance agency indicators as the main explanatory variable, we study the impact of the development of rural inclusive finance on the urban-rural income gap. In order to verify Hypothesis 1, we distinguish the credit function and the savings function of rural inclusive finance, and test the impact of the two functions on the urban-rural income gap. Empirical study 2, using enterprise product innovation as the explained variable, and urban-rural income gap as the main explanatory variable, we study the dominant effect of the urban-rural income gap on product innovation. Empirical study 3, we introduce the interaction term of urban-rural income gap and rural inclusive finance into the equation estimated by empirical study 2, and determine the existence and direction of intermediary channels by observing the significance and sign of the interaction term. The main results are as follows: First, during the data observation period the development of rural inclusive finance in China's provinces has widened the urban-rural income gap. Further analysis shows that the saving function of rural inclusive finance has a positive effect on the expansion of the urban-rural income gap, and the credit function is conducive to narrowing the urban-rural income gap, and the savings function has a greater effect than the credit function. Second, there is a negative correlation between the urban-rural income gap and enterprise product innovation, and the expansion of the urban-rural income gap inhibits demand-driven product innovation. Finally, the test of intermediary channels shows that rural inclusive finance can curb demand-driven product innovation by expanding the urban-rural income gap. After carrying out the endogeneity test and robustness test, the conclusion is still stable. This article can draw the following conclusions: the development of the credit function of rural inclusive finance can improve the vitality of enterprise product innovation by narrowing the income gap between urban and rural areas; but the excessive development of the savings function of rural inclusive finance will lead to further expansion of the urban-rural income gap and restrain demand-driven product innovation. The policy implication shows that rural inclusive finance needs to pay more attention to lowering the threshold for rural residents to obtain credit resources, and promote enterprise product innovation by narrowing the urban-rural income gap.
引用本文:
蒋岳祥 付涛. 农村普惠金融对产品创新的影响研究：基于调节城乡收入差距的作用途径[J]. 浙江大学学报(人文社会科学版), 2020, 6(5): 70-.
Jiang Yuexiang Fu Tao. The Impact of Rural Inclusive Finance on Product Innovation: Based on the Channel of Regulating the Income Gap Between Urban and Rural Areas. JOURNAL OF ZHEJIANG UNIVERSITY, 2020, 6(5): 70-.
