The Impact Of Digital Inclusive Finance On Enterprise Technological Innovation

Technological innovation is not only crucial to the development of enterprises,but also the primary driving force to promote the healthy and stable development of economy.However,for a long time,due to the mismatch of financial resources caused by Financial Exclusion and other factors,China’s financial resources tend to flow to large state-owned enterprises with low production efficiency,while small and medium-sized enterprises and private enterprises with higher production efficiency and more output efficiency generally encounter capital constraints despite their more significant vitality of technological innovation,which seriously limits the improvement and vigorous development of the innovation ability of China’s private enterprises.The rapid development of digital finance,which provides a new way to solve this problem.The inclusive characteristics of digital Inclusive Finance and its information collection function reduce the degree of information asymmetry between financial institutions and loan enterprises,greatly increase the financing opportunities of small and medium-sized enterprises,reduce their debt financing expenditure,and therefore improve the innovation investment level of enterprises.Based on this realistic background and the existing research,this paper has selected the annual panel data of China’s small and medium-sized board and GEM listed enterprises from 2011 to 2020,takes the municipal value of Peking University Digital inclusive finance index as the evaluation index of the development degree of digital inclusive finance,and measures the technological innovation level of enterprises by the RD investment intensity of enterprises,From the overall and three sub dimensions,this paper explores whether the development of digital Inclusive Finance has an impact on enterprise technological innovation by correcting the mismatch of financial resources,and makes a sub sample study on the total sample based on property rights and regional characteristics to explore the heterogeneity of the above effects in different property rights systems and regions.The empirical results show that: firstly,digital inclusive finance promotes the transparency and openness of information on both sides of credit,eliminates or reduces information asymmetry,widens the financing channels of enterprises with lack of funds,eliminates or reduces information asymmetry between banks and financial institutions,reduces costs,effectively expands enterprises’ investment in technological innovation,and provides more timely and sufficient capital supply for enterprises to carry out RD activities,It improves the technological innovation ability of enterprises.Secondly,whether from the overall index or from the three sub dimensions,the development of digital inclusive finance can effectively correct the mismatch of financial resources,reduce the improper inclination of financial resources,and then play a positive incentive role in enterprise technological innovation.Thirdly,the incentive effect of the development of digital Inclusive Finance on enterprise technological innovation has significant heterogeneity: due to the low credit level of non-state-owned enterprises and the adverse impact caused by the mismatch of financial resources for a long time,the development of digital inclusive finance plays a more prominent role in promoting the technological innovation of non-state-owned small and medium-sized enterprises by correcting the transmission mechanism of the mismatch of financial resources;From a regional perspective,compared with the economically developed areas in the East,the financial mismatch of enterprises in the central and western regions is more serious and the external financing environment is poor.Digital inclusive finance can have a significant incentive effect on technological innovation by effectively alleviating the financial mismatch.Based on the research results,this paper also explores the digital financial development model supporting enterprise technological innovation.The digital financial development model should have the function of information collection and market orientation,and require the further improvement of the efficiency of financial services.Finally,for the government and enterprises,this paper puts forward some countermeasures and suggestions to promote the healthy and rapid development of digital Inclusive Finance and support enterprise technological innovation,which has a certain reference value for promoting the development of digital Inclusive Finance and supporting enterprise technological innovation.