Research On The Impact Of Digital Financial Inclusion On High-tech Enterprise Innovation

In the context of China’s "innovation-driven strategy" and "high-quality development",technological innovation has become an indispensable part to lead the country’s high-quality development.In recent years,our enterprise innovation investment is increasing,but want to keep pace with European and American countries,still have a big gap.Based on the high risk characteristics of high demand,long cycle and uncertain result of technological innovation activities,the financial mismatch phenomenon caused by the imperfect system and the credit discrimination are superimposed,which makes it often difficult to obtain sufficient financial support for technological innovation of high-tech enterprises.Digital inclusive finance breaks the barriers of traditional financial models,uses digital technology to empower financial products,provides diversified financial services,broadens the financing channels of enterprises,reaches more tail groups,promotes new financial forms,improves the traditional credit pricing model,effectively identifies and controls risks through information technology,and reduces the review costs caused by information asymmetry.The financial mismatch of high-tech enterprises has been effectively alleviated.Existing researches mostly focus on the impact of digital inclusive finance on macro-economy or micro-enterprises,and few research on micro-enterprises.This paper focuses on high-tech enterprises,the backbone of enterprise technological innovation,and discusses the influence of digital inclusive finance on high-tech enterprise innovation from the perspective of financial mismatch.By combining theoretical research with empirical analysis,this paper classifies 14 types of enterprises such as pharmaceutical manufacturing industry,general and special equipment manufacturing industry into high-tech enterprises according to the high-tech enterprise classification standard of National Bureau of Statistics,and selects Chinese A-share listed companies in the above categories from 2012 to 2021 as sample research objects.Matching the Peking University Digital inclusive Finance Index(the fourth issue),this paper analyzes the influence of the development of digital inclusive finance on technological innovation of high-tech enterprises.It clarifies the specific channel mechanism and transmission mode from the perspective of financial mismatch,and discusses the differences in the impact of digital inclusive finance on high-tech enterprises’ innovation under different enterprise sizes,property rights,east and west regions,and financial regulatory intensity.After analysis,the research results of this paper show that: first,the development of digital inclusive finance can significantly improve the innovation ability of high-tech enterprises.After solving the endogeneity problem by instrumental variable method,replacing core variables and using Tobit model for robustness test,the conclusions are more convincing.However,in terms of promotion intensity,they prefer invention patents to non-invention patents.Second,financial mismatch plays a partial mediating role in the process of digital financial inclusion affecting high-tech enterprise innovation.Third,effective financial regulation is indispensable to the efficient and stable functioning of the financial system.Compared with regions with weak financial supervision,regions with strong financial supervision are more likely to promote the innovation of high-tech enterprises.Fourthly,compared with larger high-tech enterprises,smaller high-tech enterprises perform better in the process of digital financial inclusion by alleviating the degree of financial mismatch and thus promoting high-tech enterprises’ innovation.Based on the research conclusions,it is suggested that relevant government departments:first,they should keep up with the development trend of science and technology,consolidate the technical foundation,encourage the combination of information technology and finance,and encourage the development of diversified financial business forms.In terms of policies,it is suggested to introduce supporting policies to promote the cooperation between Internet enterprises and financial institutions,encourage local leading IT enterprises to play a supporting and leading role,or introduce digital Internet technology to realize the intellectualization and convenience of financial services,improve the capacity and level of financial services,and promote the deepening of inclusive financial services.Second,governments at all levels should give up excessive interference in the rational allocation of financial resources for the sake of "political performance",and encourage state-owned and non-state-owned financial institutions such as large,small,medium-sized banks and some non-bank financial institutions to make full use of the advantages of information technology,develop digital inclusive financial services,design financial products suitable for high-tech enterprises,and improve the financing environment of high-tech enterprises.To help high-tech enterprises innovate;Third,the rapid development of digital financial inclusion has produced many regulatory gaps and imperfect legal systems.The government should keep up with the pace of development,take the macro-prudential supervision concept as the basic framework,and build a regulatory mechanism complementary to the development of digital financial inclusion,so as to prevent the occurrence of systemic risks of digital financial inclusion.Fourth,government departments should weaken the color of "planned economy" in enterprise financing,provide fairness in opportunities for high-tech enterprises with different equity properties,give high-tech enterprises enough freedom,let the market play the function of resource allocation,so that funds flow to high-tech enterprises in the most need.