| China’s economy is changing from high-speed growth to high-quality development.Innovation is the first driving force leading the development.Whether the innovation driven strategy can be successfully implemented depends on whether the willingness and ability of technological innovation of micro players in the market can be stimulated.The traditional financial sector has exposed some structural problems in supporting enterprises’ innovation activities.The current financial system is underdeveloped,unbalanced and other factors to a large extent restrict the potential driving force of micro entities in innovation and development.Therefore,the financial support mode of high efficiency and low price is the core factor for enterprises to improve the quality and efficiency of technological innovation.With the innovation and integration of big data,artificial intelligence,blockchain and other advanced technologies in the financial field,financial technology emerges as the times require.It also spawns a large number of new financial products and new models,expands the coverage of the financial market,makes the participants more diversified,effectively widens the financing channels of enterprises,reduces the transaction costs,and alleviates the financing problems of enterprises to a certain extent,so as to effectively drive enterprises to carry out innovative activities.Therefore,in-depth analysis of the impact mechanism of financial technology development on enterprise technological innovation is of great practical significance for innovation driven high-quality development of China’s economy and improving the function of financial services to the real economy.Based on the financial function theory,this paper introduces Schumpeter growth theory in the discrete-time framework to analyze the theoretical mechanism of financial technology development on technological progress from the perspective of financing constraints.The conclution is when enterprises face the financing constraints of R&D investment,they are forced to terminate their R&D projects because they can not obtain the required R&D funds.The higher level of financial development in the region can alleviate the financing constraints.Financial technology continues to empower the financial industry,thus improving the level of financial development and further realizing the driving mechanism for enterprise technological innovation.Based on the economic growth and fluctuation model(Aghion et al.,2010),this paper embeds financial efficiency into the theoretical model,and obtains the decision-making model of R&Dinvestment which is endogenous in the level of regional financial development,and further studies the mechanism of financial technology driving enterprise innovation.In the empirical part,this paper first tests the driving effect of financial technology development on enterprise innovation;secondly,from the perspective of micro enterprise financing,analyzes the path of financial technology through financing constraints and financial expense ratio(to solve the problem of financing difficulty).The other way to drive enterprise innovationto is to stable the financial leverage and financial risk("de leverage").Finally,from the perspective of macro financial system,this paper analyzes how the development of financial technology can promote enterprise R&D and innovation activities by influencing the financial system structure,and examines the impact of financial regulation on this driving effect.The results show that: first,the development of financial technology can effectively drive enterprise R&D,patent output and technological innovation.Through the analysis of heterogeneity,we find that financial technology can effectively correct the mismatch(Such as "attribute mismatch","domain mismatch","phase mismatch",etc)in traditional finance Secondly,financial technology can effectively alleviate the financing constraints of enterprises,reduce the financial expense ratio,reduce the financial leverage and improve the stability of financial risk,and drive the patent output and technological innovation of enterprises;Thirdly,both market-oriented and bank oriented financial systems have a positive driving effect on enterprise innovation activities.The interaction between financial technology and different financial systems can significantly promote enterprise innovation activities,and financial technology can improve the defects of the current financial system structure.Finally,reasonable and effective financial supervision is conducive to financial technology driving enterprises R&D and innovation.This paper tries to make contributions in the following aspects: first,based on the theory of financial intermediation,the theory of financial function and the theory of financial innovation,this paper analyzes the internal correlation mechanism between financial technology and financial development,and integrates financial technology into the theoretical framework of enterprise financing and technological innovation through the expansion of Schumpeter growth theory and economic growth and fluctuation model.On the one hand,it analyzes the theoretical mechanism of financial technology on enterprise financing constraints and enterprise innovation,on the other hand,it analyzes the theoretical mechanism of financial technology and financial system structure on enterprise innovation,trying to sort out the logical relationship between "financial technology development financing constraints enterprise innovation" and "financial technology enabled financial system enterprise innovation",so as to provide reference for the follow-up financial technology enabled enterprise technology innovation It provides a useful reference for the development of new and high-quality economy.Secondly,from the perspective of research,we propose to analyze the mechanism and channel of financial technology driving enterprise innovation from the micro level and macro level.On the one hand,we verify that financial technology can effectively alleviate financing constraints and stabilize financial risks to drive enterprise innovation.On the other hand,it verifies that financial technology drives enterprise technological innovation through the "supplement increase" and "incremental optimization" effect of traditional financial system.Specifically,on the micro level,the paper uses the intermediary effect model of Wen et al.(2004),and conducts mechanism identification and inspection based on two paths of "financing constraints and financial expenses","leverage and risk stability",aiming to clarify the micro mechanism that financial technology affects enterprise innovation.At the macro level,financial technology can enable the traditional financial industry to have a significant positive role in promoting enterprise innovation.Third,considering that the development of financial technology has gradually changed from immature to mature,and in the later practice,government departments have gradually strengthened regulatory constraints on it,which may change the innovation driving effect of financial technology.In view of this,this paper embeds financial regulatory elements into the paradigm of "financial technology enterprise technological innovation",and examines the differences of driving effects of financial technology on technological innovation under different intensity of financial regulation.The in-depth study of such issues will not only help to enhance the effectiveness and scientificity of financial technology supporting enterprise technological innovation,but also provide practical experience support for the design of China’s financial regulatory system.Generally speaking,the current development of financial technology does have a significant role in promoting enterprise innovation output,and can well correct the problems of "attribute mismatch","domain mismatch" and "stage mismatch" existing in traditional finance.It has a strong incentive effect on the innovation activities of non-state-owned enterprises,manufacturing industry,high-tech enterprises and enterprises in the growth and mature period of their life cycle.At the micro level,financial technology can promote the technological innovation activities of enterprises by alleviating the practical problems of "difficult and expensive financing" and effectively "deleveraging".At the macro level,the development of financial technology can enable the traditional financial system to drive the technological innovation of enterprises.The policy suggestions of this paper are as follows: first,China should conform to the trend of science and technology development,give policy support for the deep integration of science and technology and finance,encourage financial technology to carry out service mode innovation,financial product innovation and application scenario Innovation in traditional financial field under the basic principle of keeping the risk bottom line,and provide driving force for improving modern financial service system power;Second,in the face of the opportunities brought by the development of financial technology,traditional financial institutions should actively embrace the development trend of financial technology,strengthen the all-round integration with emerging technologies,accurately sink financial resources into real enterprises,and give intelligent,digital and efficient financial support to enterprises with strong financing demand and excellent innovation ability;Third,we should increase investment in innovation,research and development,talent training and technology safety to promote the healthy development of high-end financial technology industries;finally,the current financial supervision system needs to be reformed with the times,balance the relationship between financial risk and supporting the development of real economic innovation,enhance the efficiency of regulatory information transmission,avoid sudden strong intervention,and have It can effectively guide financial technology to inject kinetic energy into innovation and development,and prevent the financial risks and other chaos that may be induced in its development. |
