Research On The Impact Of The Development Level Of Financial Technology On Enterprise Innovation

The 20 th National Congress report clearly states that it is necessary to adhere to technology as the first productive forces,talent is the first resource,innovation is the first driving force,and implement the strategy of science and education,the strategy of talents,and innovation-driven development strategies,and open up and develop new fields of new fields.Continuously create a new advantage in developing new kinetic energy.Accelerate the implementation of innovation-driven development strategies to achieve high-level technology self-reliance.This not only reflects the importance of technological innovation in the economic development of the country,but also shows the positive prospects of fintech applications and development.As the main innovation subject,enterprises have an unshakable position in promoting national innovation and development and scientific and technological progress.The characteristics of long-term and high risks in technological innovation activities to help enterprises smooth the gap in R& D funds to alleviate financing constraints is a key measure to stimulate their innovative vitality.Whether the development of fintech will help give full play to its technological advantages,improve the effectiveness of the allocation of financial market resources,and promote the effective development of enterprise innovation,it is necessary to further discuss.Therefore,the impact of research on fintech on corporate innovation capabilities has sufficient guiding significance.Through empirical analysis,it has improved the theory of fintech-related theories,providing new ideas and reference for policy formulation,thereby promoting the high-quality development of my country’s economy.In this context,this article uses the Shanghai-Shenzhen A-share listed company as an empirical sample in 2010-2021.Non-invention patents and innovation investment to measure corporate innovation,introduce three variables: financing constraints,corporate liquidity,and government subsidies to study the inherent mechanism of the development level of fintech development on corporate innovation from the perspective of intermediary effects.By increasing control variables,replacement of interpretation variables and interpretation variables,and using different regression models,four methods are used for stable testing.Then further analyzes heterogeneity from three aspects: regional,industry,and corporate property rights structure and scale.Finally,the following conclusions are drawn:First,the development level of fintech has a significant role in promoting corporate innovation.Whether it is innovative input or innovative output,number of innovation,or innovation quality,it has a positive impact.At the same time,this article is still established after considering endogenous problems and stability testing.Second,the development of fintech can alleviate corporate financing constraints,improve the restrictions on the liquidity of enterprises,and improve the implementation of government subsidy policies to promote innovation,thereby promoting corporate innovation.Third,the development level of fintech development has a significant effect on promoting the innovation of enterprises in the eastern regions,high-tech industries,and the innovation of small and medium-sized private or foreign-funded enterprises and has produced a strong innovation-driven effect.