The Impact Of Financial Technology On Enterprise R&D Investment From The Perspective Of Financing Constraints

The report of the 20th National Congress of the Communist Party of China emphasizes the need to accelerate the realization of high-level technological self-reliance and self-improvement.China has become a major country in technology investment.In 2021,the total R&D investment in society reached 2.79 trillion yuan,ranking second in the world for many consecutive years.According to the 2022 Global Innovation Index Report released by the World Intellectual Property Organization,China ranks 11th.However,China is still not a technological powerhouse,with weak technological innovation capabilities of enterprises.The R&D investment intensity of industrial enterprises above designated size is significantly lower than that of developed countries,and the problem of "bottleneck" in key core technologies is prominent.In this context,effectively enhancing the R&D investment capacity of enterprises has become an inevitable choice for solidly promoting the construction of an innovative country.The existing research on the influencing factors of corporate R&D investment focuses on the characteristics of enterprises,institutional environment,and government support,with few studies conducted from the perspective of financial technology.This article is based on the sample data of listed companies in the 2015 to 2020 Entrepreneurial Edition,and constructs a moderating effect model with intermediaries.The focus is on the impact and transmission path of fintech on corporate R&D investment.The main content and innovation are:(1)Revealed the mechanism by which financial technology affects corporate R&D investment.Based on the theories of credit rationing,signal transmission,and dynamic capabilities,this paper systematically analyzes the three mechanisms by which fintech reduces the "financing constraints" of enterprise research and development:cost effect,correction mechanism,and selection mechanism;The deduction and inference of the transmission mechanism chain of "fintech→financing constraint reduction→R&D innovation"enriches and expands the theoretical perspective of research on the driving factors of enterprise R&D investment.(2)Verified the mediating role of fintech in promoting corporate R&D investment and financing constraints.The empirical test of the mediating moderating effect model of panel data shows that FinTech has a significant positive impact on the R&D investment intensity of enterprises,and the impact of its coverage is greater than its depth of use.Among them,financing constraints and the level of big data development respectively play the roles of"intermediary channels" and "regulatory effects".Specifically,fintech can reduce the "financing difficulties,slow financing,and expensive financing" of enterprise R&D through three mechanisms:cost effectiveness,correction,and selection,forming a "promoting effect" of enterprise R&D investment;Moreover,the higher the level of big data development,the stronger the mediating role of financial technology in promoting corporate R&D investment and financing constraints.These findings provide empirical evidence for empowering enterprises’ R&D investment to "improve quality and efficiency" through the development of financial technology.(3)Further heterogeneity testing found that the promotion effect of fintech on corporate R&D investment is more significant in the eastern region.Meanwhile,compared to areas with poor innovation environments,areas with superior innovation environments are more conducive to stimulating the promoting effect of financial technology on corporate R&D investment.These tests clarify the external environmental mechanisms by which fintech affects R&D investment.(4)On the basis of theoretical and empirical analysis,policy recommendations are proposed to strengthen the service of fintech in enterprise research and development investment from three dimensions:government,financial institutions,and enterprises.The government has made precise efforts to improve the top-level design of R&D investment for financial technology service enterprises;Strengthen the construction of big data service capabilities and consolidate the "digital base";We will solidly promote the construction of an innovative environment.Financial institutions should establish a sound financial technology service system that is compatible with enterprise R&D innovation,and improve the coverage,inclusiveness,and intelligence of financial technology services.Enterprises should establish the concept of "talent is the first resource",optimize their governance structure,and strengthen their position as the main body of innovation.Multiple measures are taken simultaneously,coordinated promotion is carried out,and the system empowers enterprises to "improve quality and efficiency" in R&D investment,helping enterprises achieve high-level technological innovation and self-reliance.