| Small and medium-sized enterprises are an important force to enhance China’s innovation ability.The progress of digital inclusive finance has provided new opportunities for the innovation of small and medium-sized enterprises such as the new third board of China.In this contex t,the study of the relationship between digital inclusive finance and the R & D investment of enterprises on the new third board will help to provide reference for the policy guidance of the development of digital inclusive finance,help more small and medium-sized enterprises such as the new third board to further understand the benefits of digital inclusive finance for their development,enable them to use financial resources more reasonably,efficiently and safely,and provide favorable financial suppor t for their R & D and innovation activities.This paper matches the 2011-2020 Peking University digital inclusive finance index with the relevant data of the new third board enterprises from 2011 to2020,and uses the fixed effect model and the intermediar y effect model to study the impact of the total digital inclusive finance index and its three sub dimension indexes on the R & D investment of the new third board enterprises.The research results of this paper show that the progress of digital inclusive finance on the whole,coverage,depth and digitization degree is conducive to relaxing the financing constraints of the new third board enterprises,improving the regional financial deepening degree,and then promoting the new third board enterprises to effectively increase R & D investment.The financing constraints and financial deepening degree play an intermediary role.In the heterogeneity test,this paper has three findings: In the first place,the progress of digital inclusive finance in the eastern region as a whole,in breadth,in depth and in digital degree has the strongest positive incentive effect on the R & D investment of the new third board enterprises,which may be because the digital technology in the eastern region is more mature and perfect;Second,among the digital inclusive finance and its three dimensions in the western region,the depth of use of digital inclusive finance is the best,and can effectively promote the new third board enterprises to increase R & D investment;Third,the promotion effect of the progress of digital inclusive finance in the whole,breadth,depth and digitization degree on the R & D investment of the new third board enterprises is more significant in the non-state-owned enterprises of the new third board and the smaller enterprises of the new third board,which reflects the inclusive nature of digital inclusive finance.In addition,this paper uses the core explanatory variable of the first lag period and the construction of Internet broadband access port rate as the instrumental variable to test the robustness.The research shows that the research conclusions of this paper are robust. |
