Research On The Impact Of Digital Financial Inclusion On Regional Technological Innovation

In October 2022,the report of the 20 th National Congress of the Communist Party of China clearly stated that the strategy of rejuvenating the country through science and education,strengthening the country through talents,and innovation-driven development is a major national strategy that needs to be adhered to.Improving the new national system,strengthening basic research,promoting key core technologies and independent innovation,improving the scientific and technological innovation system,and accelerating the realization of high-level scientific and technological self-reliance and self-reliance are the primary tasks of innovationdriven development.Based on this background,this paper uses the panel data of 282 prefecturelevel cities from 2013 to 2020 to focus on the two key points of digital inclusive finance and regional technological innovation.In the theoretical part,six theories related to digital inclusive finance and regional technological innovation are sorted out,and seven reasonable assumptions are put forward based on previous research and related theories.In the empirical part,this paper first discusses the effect of digital inclusive finance on regional technological innovation,and studies the impact of digital inclusive finance on consumer spending,corporate financing,industrial restructuring and upgrading,and the relationship between the three on regional technological innovation.Furthermore,this paper explores the threshold effect of digital inclusive finance and regional technological innovation by taking human capital level and institutional quality as moderating variables.Finally,this paper uses the economic distance weight matrix to analyze the spatial spillover effect of digital inclusive finance,and decomposes its spatial effect results.In addition,this paper also divides the region into eastern,central and western parts according to geographical location,and explores the differences in the impact of digital inclusive finance on regional technological innovation under heterogeneous conditions.Finally,the following conclusions are drawn :First,from the empirical results,digital inclusive finance has a significant positive driving effect on regional technological innovation.From the geographical dimension,the eastern effect is stronger than the central and western regions and the most significant.Second,digital inclusive finance can have a positive impact on consumer spending,ease financing constraints and industrial restructuring,and can be used as an intermediary transmission path to enhance regional technological innovation capabilities.Third,as threshold variables,human capital level and institutional quality have a nonlinear relationship in promoting the improvement of regional technological innovation level.When the threshold variable value is lower than the threshold value,digital inclusive finance has a certain inhibitory effect on the promotion of regional technological innovation,and when it is higher than the threshold value,there is a certain incentive effect.Fourth,from the perspective of spatial empirical results,the development of digital inclusive finance can indeed enhance the technological innovation capability of the region,but it will have an inhibitory effect on neighboring regions,that is,the ’ siphon effect ’.From the results of sub-index decomposition,the direct and indirect effects of digitization degree are significant,while the two sub-indexes of coverage breadth and use depth are not significant.In terms of geographical location,the spatial spillover effect in the eastern region is more significant,and the spatial spillover effect in the central and western regions is not significant.