Digital Inclusive Finance And Innovation Performance Of Small And Medium Enterprises

In the process of promoting China’s modern economic system,we must focus on the development strategy of "Innovation Oriented".In recent years,the technological innovation of domestic companies are also developing continuously,but compared with the technological level of developed countries such as Europe and the United States,it still needs to be improved,that is due to the constraints of self-development,relatively low credit level and other factors,in the process of development,especially in terms of funds.Through expanding financial channels,digital technology affects products,resource coordination and information sharing etc,Digital Inclusive Finance(hereinafter referred to as DIF)promotes the innovative development of Small and Medium-sized enterprises.Based on the existing literatures,most of them mainly focus on the important role of Inclusive Finance in the macroeconomic,and few of them focus on the impact of Inclusive Finance on China’s market.Taking the DIF as the core,this paper discusses the important role of DIF in the development of Small and Medium-sized enterprises in China from the macro field.Taking the SME Board and GEM Board from 2013 to 2020 as an example,this paper discusses the role of DIF in the innovation of Small and Medium-sized enterprises in China.Taking Inclusive Finance as an example,this paper makes an empirical analysis on China’s Small and Medium-sized enterprises.Different from the traditional Inclusive Finance,DIF uses modern technology to expand financing methods and reduce the financing difficulty and threshold of Small and Medium-sized enterprises through diversified service systems.At the same time,the further development of DIF also promotes the limited innovation investment of enterprises,and supports the innovation development of enterprises from the technical aspect.Through empirical analysis,this paper holds that,Firstly,there is an obvious positive relationship between DIF and the innovation of Small and Medium-sized enterprises in China,and the development of DIF will play a very important and positive role in the innovation of Small and Medium-sized enterprises.Secondly,due to the difference of heterogeneity,DIF has a certain impact on the innovation achievements of Chinese Small and Medium-sized enterprises.Furthermore,compared with the central and western regions,the influence of DIF on Small and Medium-sized enterprises’ innovation in eastern China is more obvious,the western region has a more significant impact on DIF.The high-tech industry has an obvious promoting effect on the innovation ability of Inclusive Finance for Small and Medium-sized enterprises.In the high-tech industry,the innovation ability of enterprises is higher than that of non-high-tech industries.Through in-depth research on it,it can be seen that at the level of internal governance structure,DIF has the function of filtering and identification.It can effectively reduce the agency cost of enterprises and effectively restrict the executives of enterprises.In addition,in corporate governance,if the company’s internal quality is poor,DIF’s performance will play a more important role in the company’s external management.From the perspective of market,in areas with perfect system and technical support,the development of DIF plays a strong role in promoting the innovative governance of the company,From the perspective of the enterprise’s life cycle,it has a positive regulatory function,that is,the interaction between DIF and the innovation of Small and Medium-sized enterprises.Thirdly,from the perspective of mediating effect,the development of DIF can significantly promote the technological innovation of Small and Medium-sized enterprises,and earnings management and information disclosure can also play an intermediary role.