Study On The Relationship Between Digital Inclusive Finance,financing Constraints And Innovation Of Small And Medium-sized Enterprises

As the main innovation group,how to take effective measures to improve the innovation vitality and innovation performance of small and medium-sized enterprises has become a key concern in economic development.This paper focuses on the innovation performance of small and medium-sized enterprises,and empirically studies the relationship between digital Inclusive Finance,financing constraints and innovation of small and medium-sized enterprises.Firstly,this paper discusses the research background and significance,combs the relevant research at home and abroad,and defines the research direction of this paper.This paper discusses the relevant basic theories,including long tail theory,information asymmetry theory and transaction cost theory,which lays the theoretical foundation of this paper.On this basis,this paper analyzes the impact mechanism and channels of digital Inclusive Finance on the innovation of small and medium-sized enterprises,analyzes the heterogeneity of the impact of digital Inclusive Finance on the innovation of small and medium-sized enterprises,and puts forward the research hypothesis of this paper.This paper summarizes the current situation of digital Inclusive Finance,financing constraints and the innovation and development of small and medium-sized enterprises,which is helpful to better understand the background and significance of this topic and deepen our understanding.The proportion of R&D expenses is selected as the explanatory variable,the digital inclusive finance index is selected as the explanatory variable,the financing constraint index is selected as the intermediary variable,and the enterprise size and return on total assets are selected as the control variables to build the linear regression model of the impact of digital inclusive Finance on the innovation of small and medium-sized enterprises and the intermediary effect test model of financing constraints.Select the panel data of 460 enterprises on China’s gem from 201 1 to 2020 as the sample data to carry out empirical research.The results show that digital Inclusive Finance has a significant positive impact on the innovation performance of small and medium-sized enterprises,and financing constraints play an intermediary role in the impact of digital Inclusive Finance on the innovation performance of small and medium-sized enterprises.The research finds that the impact of digital Inclusive Finance on the innovation performance of small and medium-sized enterprises has obvious property right heterogeneity and regional heterogeneity.Finally,based on the research understanding of this paper,in order to better promote the innovation performance of small and medium-sized enterprises,this paper puts forward policy suggestions.First,further promote the development of digital Inclusive Finance.Second,based on the heterogeneity of the impact of digital Inclusive Finance on the innovation performance of small and medium-sized enterprises.Third,small and medium-sized enterprises should constantly improve their management level and make rational use of digital inclusive financial resources.