A Study On The Impact Of Digital Inclusive Finance On SMEs’ Technological Innovation

Now,China is entering a critical stage of transforming its growth drivers,and technological innovation is the necessary way out to achieve high-quality development.As the most dynamic area of enterprise technology innovation,improving the technological innovation of SMEs is of great significance for building a modern socialist economic system.However,under the traditional financial system,SMEs face financing difficulties,which restrict their technological innovation.The development of digital inclusive finance provides a feasible way to solve this dilemma.The development of digital inclusive finance,on the one hand,helps solve the problem of resource mismatch under the traditional financial system,which can expand financing channels and guide the more effective allocation of financial resources in time and space;the efficiency and accuracy of traditional financial institutions in obtaining historical commercial and financial information of SMEs is greatly improved,and after collecting and analyzing the information,they can use a perfect scientific comprehensive credit evaluation system to make a comprehensive After collecting and analyzing the information,they can use a perfect scientific comprehensive credit evaluation system to scientifically evaluate the credit and projects of SMEs and make credit decisions,improve the financing efficiency of enterprises and reduce their costs.On the other hand,digital inclusive finance has the characteristics of digital technology,which can generate technology spillover effects,provide a good innovation environment for SMEs and increase their enthusiasm to carry out R&D projects.Therefore,it is of practical significance to explore the promotional effect of digital inclusive finance on SMEs’ technological innovation at the critical period of China’s transformation of growth drivers.In this thesis,after first combing through relevant domestic and international literature and analyzing the current development status of digital inclusive finance and technological innovation,the influence mechanism of digital inclusive finance on promoting technological innovation of SMEs is analyzed theoretically.Then,empirical analysis is conducted using data from 2014 to 2019 for Chinese SMEs and GEM listed enterprises using a two-way fixed effects model and testing the mediating effect of financing constraints,followed by a heterogeneity analysis to examine the moderating effect of traditional financial development.The empirical results show that.First,digital inclusive finance has a significant facilitating effect on SME technological innovation measured by the number of invention patent applications,enterprise R&D expenditure and R&D investment intensity;among the three secondary indicators,the indicators of breadth of coverage and depth of use have a facilitating effect on SME technological innovation,while the indicator of digitization degree inhibits SME technological innovation;the financing constraint has a significant mediating effect in the process of digital inclusive finance boosting SME The financing constraint has a significant mediating effect in the process of digital inclusive finance boosting SMEs’ technological innovation,among which the financing constraint measured by SA index is a partial mediating effect and the financing constraint measured by WW index is a full mediating effect.Second,in general,the total digital inclusive finance index is significantly and positively related to the number of invention patent applications,absolute R&D investment and relative R&D investment intensity of private SMEs,SMEs in eastern and central-western regions;while the total digital inclusive finance index is not significantly related to the number of invention patent applications,absolute R&D investment and relative R&D investment intensity of state-owned enterprises.Meanwhile,digital inclusive finance has a greater effect on promoting technological innovation of SMEs in private and central and western regions.From the secondary indicators,the breadth of coverage is significantly and positively related to the technological innovation of SMEs in private,eastern and central and western regions;the depth of use is significantly and positively related to the technological innovation of SMEs in private,state-owned,eastern and central and western regions;the degree of digitalization has no significant effect on the technological innovation of SMEs in state-owned,private and central and western regions,and only promotes the technological innovation of SMEs in eastern regions.Third,the moderating effect of traditional financial development on digital inclusive finance boosting enterprise technology innovation is negative,and traditional financial development will inhibit digital inclusive finance development boosting enterprise technology innovation.Therefore,the development of digital inclusive finance should be actively promoted and managed to better utilize digital technology to effectively solve the information asymmetry problem between the financial market and the real economy,alleviate and solve the financing constraints faced by enterprises under the traditional financial system,and promote enterprise technological innovation;formulate specific and differentiated development strategies according to the characteristics of SMEs with different degrees of financing constraints and the difficulties they face,and design a system for tracking the value of business innovation results;strengthen financial innovation and financial reform,eliminate structural contradictions under the traditional financial system,and give full play to the unique advantages of traditional finance and new digital inclusive finance;improve the institutional environment and supervision and cooperation mechanism,and at the same time,use digital technology to prevent and control the system of digital inclusive finance risks and maintain a stable development trend of digital inclusive finance.