Research On The Impact Of Digital Inclusive Finance On Technological Innovation

Under the macro background of high-quality development,"double cycle" and "carbon neutral",the implementation of innovation-driven strategy has become the only way for sustainable economic development.However,under the traditional financial background of asymmetric information and easy adverse selection,as an important carrier of innovationdriven development strategy,technology enterprises often find it more difficult to release their innovation vitality due to financing constraints,especially under the impact of COVID-19.The increasing uncertainty of the economic situation amplifies the financing difficulties and expensive problems faced by enterprises in carrying out innovative projects.Compared to traditional financial,inclusive financial as a technology-driven financial new financial form of inclusive growth,whether in the scope of service and the ability to touch up to scale level,or in the function of the depth of fusion with information technology level,can better support for technological innovation,for industrial upgrading and economic development of high quality injected strong momentum.Therefore,studying the impact of digital inclusive finance development on technological innovation is of great practical significance for promoting China’s innovation-driven development strategy.The research on the relationship between digital inclusive finance and technological innovation in China is divided into four parts.Firstly,the research status of the relationship between digital inclusive finance and technological innovation at home and abroad is summarized through previous studies.Secondly,combining the relevant theories of digital inclusive finance and technological innovation,the theoretical mechanism framework of digital inclusive finance influencing technological innovation is constructed.Then,based on the theoretical mechanism,A&H model and endogenous growth model,the nonlinear influence relationship of financial super-development is embedded,and numerical simulation method is used to reveal the nonlinear transmission mechanism and influence characteristics of different thresholds of digital financial inclusion scale and efficiency on technological innovation.Finally,from the perspective of functional evolution,the data of prefecture-level cities in China from 2011 to 2018 are deeply studied.Considering the robustness of the conclusion,human capital,industrial structure,investment in science and education,and foreign investment control variables are introduced.The threshold model is used to empirically test the impact of digital financial inclusion threshold on technological innovation,and the empirical results are basically consistent with the theoretical model results.The results show that:(1)digital financial inclusion has nonlinear influence on technological innovation,and the influence degree is different in different threshold range;(2)Digital inclusive finance has an obvious decreasing impact on technological innovation beyond a reasonable threshold at the scale of coverage and depth of use,while it has a continuous positive impact on the functional level of digitalization.(3)There are significant regional differences in the impact of digital financial inclusion on technological innovation.For the eastern region,the overexpansion of financial scale shows a marginal diminishing effect with different thresholds,while financial efficiency can maintain a positive promoting effect.For the central and western regions,both have positive promoting effects.This study shows that digital financial inclusion promotes functional improvement in technological innovation and is an important means to break through the bottleneck of scale.