【摘要】 利用2011～2021年中国城市数字金融与A股上市企业的匹配数据，实证考察数字金融对企业融通创新的影响。研究发现，数字金融能够有效驱动企业融通创新发展，这种驱动成效在民营企业、成长期企业、高科技企业当中表现更为显著。同时，数字金融通过促进研发投资、降低财务风险以及驱动知识溢出三条路径间接激励企业融通创新发展。进一步拓展分析发现，企业之间更易借势数字金融实现融通创新，而数字金融对企业与高校、研究机构、政府团体的跨组织融通创新影响较小。据此，应结合数字金融功能场景，关注企业个性化特征，畅通资源共享和知识溢出通道，推动企业融通创新高质量发展。更多还原

【Abstract】 Using matched data from 2011 to 2021 on digital finance in Chinese cities and A-share listed companies, this study empirically examines the impact of digital finance on enterprise integrated innovation. Findings reveal that digital finance effectively drives the development of integrated innovation in enterprises, with particularly significant effects observed in private, growth-stage, and high-tech firms. Moreover, digital finance indirectly stimulates integrated innovation through three pathways: promoting R&D investment, reducing financial risk, and enabling knowledge spillover. Further analysis shows that inter-firm integrated innovation benefits more readily from digital finance, while its influence on cross-organizational innovation involving universities, research institutions, and government bodies is comparatively limited. Consequently, it is recommended to leverage the functional scenarios of digital finance, focus on enterprises’ unique characteristics, and streamline channels for resource sharing and knowledge spillover to drive high-quality development in integrated innovation.更多还原