| "Achieving major breakthroughs in key core technologies and entering the forefront of innovative countries" is a great long-term goal carried by the "14th Five-Year Plan",and it is also an important strategic requirement for China to achieve high-quality economic development.As an economy with a strong sense of innovation,China has always attached great importance to the important role of innovation in economic development and the enhancement of comprehensive national strength,and has achieved continuous progress in the ranking of the global innovation index over the years.However,China is still facing daunting challenges in the action of strengthening the country through science and technology.How to fight the tough battle of core technologies,realize the deep integration of technological innovation and the economy,and better serve the real economy has become the focus of many scholars and people from all walks of life.In this process,existing research has gradually realized that the digital and inclusive characteristics of digital financial inclusion play an important role in improving the level of technological innovation of enterprises.Therefore,in the context of the digital age,this paper studies the impact of digital financial inclusion on corporate technological innovation,which has strong practical value and theoretical significance for China to implement an innovation-driven strategy and promote high-quality economic development.Based on the realistic background of the rapid development of digital technology at home and abroad and the continuous improvement of the development degree of digital inclusive finance,different from the existing research mainly discusses the promotion effect of digital inclusive finance on enterprise technological innovation from the perspective of financing constraints,this paper takes the two main motivations of technological innovation:"technology promotion" and "demand pull" as the breakthrough point,from a more comprehensive perspective of internal technology promotion and external demand pull,deeply explores the effect and transmission mechanism of digital inclusive finance supporting enterprise technological innovation,and deeply analyzes the nonlinear effect and spatial spillover effect between the two.Specifically,this paper mainly discusses the following four questions:(1)How to build a more complete enterprise technological innovation index system that is more suitable for research themes,more in line with practical needs,and more perfect according to my country’s national conditions?(2)From the perspective of enterprise internal technology promotion and external demand pull,can the rapid development of digital inclusive finance promote the improvement of the technological innovation level of enterprises?If the answer is yes,does the different nature of firms make their impact heterogeneous?What is the transmission mechanism of its influence?(3)Are there nonlinear effects and spatial spillover effects between my country’s digital financial inclusion and corporate technological innovation?(4)In order to realize the effective improvement of innovation level and the virtuous circle of continuous improvement of technological innovation level of enterprises,what specific measures should my country take to support the development of digital inclusive finance?Based on this,this paper explores,analyzes and tests the above problems from both theoretical and empirical aspects.First of all,this paper draws on the existing literature,starts from the research theme,combines my country’s national conditions and the actual needs of social and economic development,and measures the enterprise technology innovation index system that is more in line with my country’s national conditions.Specifically,on the basis of existing research,starting from the innovation value chain,three important dimensions of the enterprise’s R&D level,enterprise commercialization level and enterprise industrialization level are selected,as well as twelve specific indicators,and the principal component analysis method is used.Indicators to measure the technological innovation level of Chinese enterprises.This indicator has different effects of innovation,which can reflect not only the knowledge value of enterprise technological innovation,but also the economic value of enterprise technological innovation.Secondly,this paper uses digital economy theory,financial development theory,technological innovation theory and other classic theories to expound the role of digital inclusive finance development in improving the level of technological innovation of enterprises,and analyzes its mechanism from a theoretical perspective.Further,from the perspective of internal technology promotion and external demand pull,we empirically test the effect and channels of digital inclusive finance development on enterprise technological innovation.The empirical results show that,first of all,the development of digital financial inclusion has a positive impact on the improvement of the level of technological innovation of enterprises,and the result still holds after robustness and endogeneity tests.Among them,among the different dimensions of digital financial inclusion,the depth of use has the most significant impact on the technological innovation of enterprises.In addition,the positive role of digital financial inclusion in promoting technological innovation of enterprises is heterogeneous among enterprises of different nature.Firms in capital regions and firms in high physical capital regions show stronger innovation spillover effects.Then,based on the perspective of internal technology promotion of enterprises,taking the individual micro-level data of enterprises as samples,it is found that the reduction of corporate financing costs,the optimization of financing structure,and the increase of risk-taking are the three channels through which digital inclusive finance exerts the innovation spillover effect.Finally,based on the perspective of external demand-pulling of enterprises,using regional macro-level data as a sample analysis,it is found that the changes in residential demand,industrial demand and market demand brought about by the development of digital inclusive finance are the three main channels for technological innovation of enterprises.Third,on the one hand,there is a threshold effect between the development of digital inclusive finance and technological innovation of enterprises.Specifically,whether it is based on the internal perspective of the enterprise or based on the external perspective of the enterprise,the empirical analysis shows that there is a single threshold effect between the two,that is,the positive role of the development of digital inclusive finance in promoting technological innovation of enterprises has shown a process of transformation from weak to strong.In addition,taking the environmental variables in the model as the threshold variables,further empirical tests found that residents’ demands,industrial demands and market demands showed significant nonlinear effects in the process of digital financial inclusion affecting the technological innovation of enterprises.On the other hand,there is a spatial spillover effect between digital inclusive finance and enterprise technological innovation,that is,the development of digital inclusive finance can not only effectively improve the technological innovation level of enterprises in the region,but also help improve the technological innovation level of enterprises in adjacent regions.Finally,based on the above analysis results and combined with the actual development problems of our country,the policy framework system is constructed in terms of strengthening the construction of high-quality digital inclusive finance system,dredging the transmission channels for digital inclusive finance to support technological innovation of enterprises,and paying attention to the nonlinear and spatial effects of digital inclusive finance.In this way,it provides policy reference for continuously improving the innovation spillover effect of digital inclusive finance,enhancing my country’s innovation strength,and achieving high-quality development. |
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