| Thetechnological innovation ability of micro enterprises is the key totheimplementation of innovation-driven,and the practice of digital Inclusive Finance in digital economy will affect the technological innovation of enterprises to a certain extent.However,the existing research on the relationship between digital HP finance and technological innovation ability is relatively few,and the relationship between them is not fully and deeply revealed.Based on the gaps,this study adopted the theories of digital HP finance and enterprise technological innovation,and conducted the analysis of the characteristics of China’s digital HP finance,and explored the mechanism of digital HP finance’s effect on enterprise technological innovation,and made clear the transmission mechanism of digital HP finance to enterprise technological innovation.The specifical details are as follows:Firstly,research on the influence of inclusive finance on technological innovation of enterprises.At present,the academic circles have pointed out that digital inclusive finance has an obvious influence on the technological innovation of enterprises,but there is no clear and complete explanation of its influence path.This paper is based on a systematic literature review and multi-case study constructing the influence intermediary of digital inclusive finance on an enterprise’s technological innovation,from five perspectives: financing constraints,financial expenses,enterprise leverage,financial risks,and financial supervision to explore the influence path of digital inclusive finance on technological innovation of small and medium-sized enterprises.It is helpful to fill the gaps in related theories.Through many case studies,this paper finds that the relationship between digital inclusive finance and technological innovation of enterprises presents a nonlinear inverted "U" shape,laying the foundation for the follow-up empirical research.Secondly,a mathematical model is constructed to analyze the influence mechanism of digital inclusive finance on technological innovation.It is found that the real conversion efficiency of the financial system increases first and then decreases with the increase of the financial scale.In other words,when the financial level increases,the financial friction first decreases and then increases,which is a function of the financial scale increasing first and then decreasing.Financial friction is always negatively correlated with financial efficiency.Combined with AK model analysis,along with the development of the digital financial,financial scale lead to financial friction present a trend of increase the first decreased,thus through the financing constraints of financial friction affect enterprise’s innovation activities,making digital financial development impact on enterprise innovation activities after the first promote suppression,he overall relationship is "U" shape.Through the construction of mathematical model,it makes up for the deficiency of the current development of digital inclusive finance in the exploration of the deep mechanism of technological innovation behavior of micro-main body--enterprise.Thirdly,it analyzes the spatial characteristics and convergence characteristics of the development of China’s Digital Inclusive Finance.Through the Dagum Gini Coefficient and decomposition,it is found that from 2011 to 2018,the digital financial development at the urban level in China has shown a trend of volatility and decline as a whole.Through the analysis of spatial agglomeration,it is concluded that the digital financial development of most cities in China is located in the first and third quadrants,that is,most cities can be regarded as having positive spatial correlation and there is a spatial agglomeration effect.Through the analysis of temporal and spatial transitions,it is found that the development of digital finance is constantly evolving and changing with time,and the nature of spatial convergence and agglomeration are also changing all the time,which is a dynamic process.Through the analysis of spatial convergence,it is found that the overall σ convergence coefficient of the whole country and the refined regions,including the eastern,central,western and northeastern regions,shows a clear downward trend.The various effects of spatial factors can make the development of China’s digital finance more balanced.Fourthly,empirical research explored the non-linear impact of the development of Digital Inclusive Finance on enterprise technological innovation.(1)The development of Digital Inclusive Finance shows a significant inverted U-shaped relationship to the technological innovation capabilities of enterprises.When the digital financial indicators are too high,the higher the development of digital finance will cause companies to use the convenience of digital finance to invest in projects which other than innovative projects.The behaviors will cause the company’s technological innovation capabilities will decline with the trend of the development of digital finance after the peak.(2)The influence of the breadth of digital finance coverage,the depth of use of digital finance,and the degree of digitalization on the technological innovation capabilities of enterprises also presents a quadratic function relationship with the opening downwards.Among them,the depth of use of digital finance has a most significant impact on the technological innovation capabilities of enterprises.(3)With the passage of time,the impact of the breadth of digital finance coverage,the depth of use of digital finance,and the degree of digitalization on the technological innovation capabilities of enterprises has shown obvious debilitating characteristics.(4)Among the non-linear effects of Digital Inclusive Finance on enterprise technological innovation from different regions,Digital Inclusive Finance in the eastern region has the most obvious impact on technological innovation,while Digital Inclusive Finance in the western region has the least obvious influence on technological innovation.Fifth,the paper empirically tests the transmission mechanism of digital inclusive finance inclusion on enterprise technological innovation through the nonlinear mediating effect model,and finds that financing constraints,financial costs,corporate leverage and financial risks play a nonlinear mediating role in the impact of digital inclusive finance inclusion on enterprise technological innovation.(1)Digital inclusive finance can alleviate the financing constraints of enterprises,and then affects the technological innovation ability of enterprises with the inverted "U-shaped" curve effect.(2)Digital inclusive finance reduces the financial cost of enterprises,and then affects the technological innovation ability of enterprises with the inverted "U" curve effect.(3)Digital inclusive finance affects the technological innovation ability of enterprises with inverted "U" curve effect by reducing the leverage ratio of enterprises.(4)Digital inclusive finance first affects financial risks through the inverted "U" shaped effect,and then affects the level of technological innovation of enterprises,forming the inverted "U" shaped relationship between digital inclusive finance and technological innovation of enterprises. |
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