Research On The Influence Of Finance Technology On Enterprise Innovation

As China’s economic development presents a new normal,the crude development model based on traditional factor inputs becomes unsustainable and the economic growth mode needs to be changed urgently,while innovation is the key to this transformation.The innovation-driven development strategy has become the core strategy for the long-term development of the country,and enterprises are the main body of innovation,and the improvement of innovation capability is of great significance to the competitiveness of enterprises themselves and the formation of national innovation drive.However,it is difficult for companies to obtain large amounts of exogenous financing for technological innovation activities because of the characteristics of high financing demand,high project uncertainty and information asymmetry in technological innovation projects.In recent years,driven by information technology,Fintech has emerged and developed rapidly;relying on information advantages to reduce information asymmetry inside and outside the company and strengthen the supervision of corporate innovation subjects,which in turn has an impact on corporate innovation.Therefore,during the critical period when China’s economic structure is changing to technology innovation-driven,it is of great theoretical and practical significance to further clarify the impact and mechanism of Fintech development on C hina’s enterprise technology innovation,in order to promote financial market reform to better serve the enterprise’s real economy and technology innovation-driven high-quality development of China’s economy and society.This paper mainly discusses the relationship between the development level of Fintech and enterprise innovation in various cities in China.Firstly,according to the theories of information asymmetry,principal-agent and financial development and the existing literature research results,it analyzes the influence of Fintech development on enterprise innovation and its action path from the perspective of theoretical research.The data of China’s A-share listed companies from 2011 to 2017 are selected as research samples for empirical research,and multiple sets of regression equations are constructed to empirically test the positive impact of Fintech development level in each city on enterprise innovation,and to test whether financing constraints and internal control play an intermediary role in the relationship between Fintech and enterprise innovation.Moreover,the sample firms are divided into enterprise nature and region,and the influence of enterprise nature and regional difference on the relationship between Fintech and enterprise innovation is analyzed by grouping regression.The conclusions of this paper are as follows:(1)the development of Fintech is conducive to promoting enterprise innovation;(2)Fintech development encourages enterprise innovation by reducing financing constraints;(3)Fintech development drives enterprise innovation by improving the quality of internal control;(4)Fintech development promotes enterprise innovation for all types of enterprises;(5)The positive impact of fintech development on enterprise innovation is more prominent in the eastern region.Combined with the above conclusions,this paper puts forward policy suggestions for giving foll play to the innovation effect of financial technology from the perspectives of the government,financial institutions and enterprises.Finally,based on the shortcomings of this study,we will propose prospects for further research in the future.