Research On The Influence Of Digital Finance On The Technological Innovation Ability Of Private Small And Medium-sized Enterprises

Finance is the blood of the real economy,and it is the bounden duty of finance to serve the real economy.In the era when China’s economy is changing from high-speed development to high-quality development,the financial system dominated by traditional banks has natural deficiencies in serving the traditional real economy and the new economy,resulting in SMEs generally facing the problem of difficult and expensive financing.Enterprise innovation plays an important role in national economic development and national strength enhancement.At the same time,small and mediumsized enterprises are gradually becoming the main body of entrepreneurship and innovation,and private enterprises are the main components of small and medium-sized enterprises.Under the general trend of innovation driven development,although the traditional financial system has undergone digital reform,it still faces great challenges in supporting the development of the real economy and the innovative economy.The emergence of digital finance has widened the traditional financial market dominated by the banking industry and provided more abundant financing channels.With its technological advantages,digital Inclusive Finance has a natural gene to ease the financing difficulties of SMEs.Therefore,it is of certain theoretical and social value to study the relationship between digital finance and innovation of small and medium-sized enterprises and verify empirically whether digital finance can alleviate financing constraints.This paper first studies the relevant literature at home and abroad,and defines the concepts of digital finance and financing constraints.After that,by collecting and sorting out the business data of private SMEs on the SME board and the growth enterprise board from 201 1 to 2020,and combining with the third issue of PKU digital inclusive finance index,10273 panel data were composed.By setting up a two-way fixed effect and intermediary model,the empirical research examined the impact mechanism of digital Finance on private SMEs in the process of technological innovation and the intermediary effect of financing constraints,And further studies the impact of regional heterogeneity on the role of digital finance in stimulating innovation.The research results show that the development and promotion of digital finance can effectively stimulate the technological innovation of private small and mediumsized enterprises and significantly promote the innovation vitality of enterprises;Through digital finance,the financing constraints of small and medium-sized enterprises can be effectively alleviated,and the technological innovation ability of enterprises can be enhanced.The financing constraints play a part of the intermediary role in this process;At the same time,the study found that the impact mechanism of digital finance also has regional heterogeneity,which is manifested in the economically developed areas in the East and the high-tech development areas.The impact of digital Finance on the innovation of SMEs is significantly higher than that in other areas.Finally,on the basis of summarizing the research conclusions,some suggestions are put forward to promote the high-quality development of digital Inclusive Finance,better support the real economy,and serve the innovative development of private SMEs.