The Impact Of Digital Inclusive Finance On Enterprise Innovation

China’s economic development has changed from high-speed development to high-quality development.Innovation has become the key to the improvement of national comprehensive strength.So the government has put forward the innovation driven development strategy.Because of the characteristics of long-term innovation activities,large demand for funds and high risk,a large amount of continuous capital investment is required in innovation.However,for some enterprises with financing difficulties,especially those with innovation potential but lack of funds,the lack of stable and sustainable financial support is an important reason to hinder enterprise innovation.In addition,financial resource misallocation leads to the low efficiency of financial resource allocation and inhibits the development of enterprise innovation activities.However,digital inclusive finance relies on digital technologies such as big data and cloud computing.Therefore,it has the advantages of lower service cost,stronger availability and higher service efficiency.On the one hand,digital inclusive finance can alleviate financing constraints by alleviating information asymmetry,principal-agent problems and reducing transaction costs.On the other hand,digital inclusive finance can also optimize the allocation of financial resources by alleviating financial market friction,improving the efficiency of financial services and promoting the flow of funds.Whether these effects of digital inclusive finance can promote the innovation of enterprises is worth studying.Whether this influence is different in enterprises can also help us better understand the role of digital inclusive finance.Therefore,this paper discusses the effect and influence path of digital inclusive finance on enterprise innovation.It has reference significance for improving the digital inclusive financial system and promoting the development of innovation.Firstly,this paper reviews the relevant literature on digital inclusive finance and enterprise innovation.Secondly,after defining the concept of main research objects,this paper analyzes the current situation of digital inclusive finance and enterprise innovation.Then,this paper defines the influence path between digital inclusive finance and enterprise innovation.Finally,this paper uses the data of China’s listed enterprises and digital inclusive finance from 2011 to 2019.Through empirical research,the impact effect and path are tested,and the robustness test is carried out,based on which the conclusions and suggestions are obtained.The conclusions are as follows:(1)Digital inclusive finance can promote enterprise innovation;(2)The promotion effect of digital Inclusive Finance on enterprise innovation is better in small-scale enterprises,high-tech industries,central and western regions,high-level administrative cities and areas with high financial supervision;(3)Digital inclusive finance can promote enterprise innovation by easing financing constraints and alleviating financial misallocation;(4)Political connection has a negative effect on the impact of digital inclusive finance on enterprise innovation.Thus,this paper puts forward some suggestions:(1)Continue to promote the balanced development of digital inclusive finance.(2)Give play to the role of the market in allocating resources.(3)Implement the regulatory policy on digital inclusive finance.