| Technological innovation is the core driving force leading the high-quality economic development.The report of the 20 th Party Congress points out that the central position of innovation in the overall situation of China’s modernization should be adhered to.Technological innovation of enterprises is characterized by high investment,long cycle and high risk,which requires stable and continuous financial support.Under the traditional financial model,the amount of financing is limited and the cost of financing is high,which makes it difficult for enterprises to meet the continuous capital investment and thus unable to carry out innovation activities.Through the application of digital technologies such as big data and cloud computing,the development of digital finance has to a certain extent made up for the shortcomings of the traditional financial system.Whether digital finance can broaden enterprise financing channels,alleviate the financing dilemma of enterprise technology innovation,reduce financing costs,and thus enhance enterprise technology innovation is a major topic of research in recent years in both theoretical and practical circles.Based on this,this paper selects A-share listed companies from 2014-2021 as a sample,and uses DEA-BCC and two-way fixed effects model to firstly investigate the relationship between digital finance development and the output and efficiency of enterprise technological innovation;secondly,we introduce the variables of enterprise digital transformation to investigate the influence of enterprise digital transformation on the promotion of technological innovation by digital finance.Subsequently,KZ index and financial debt ratio are selected as proxy variables for financing constraints and financing costs to further explore the mechanism of the effect of digital finance on technological innovation;then,group regressions are conducted based on the nature of enterprise property rights,industry and life cycle to investigate whether there are differences in the effect of digital finance on technological innovation of different types of enterprises.Finally,in order to ensure the robustness of the results,the robustness tests were conducted by replacing variables and transforming the model.Through the above empirical tests,the following results are obtained:(1)digital finance development does improve the technological innovation level of enterprises and has a significant effect on both innovation output and efficiency;(2)the higher the degree of digital transformation,the more obvious the promotion effect of digital finance on their technological innovation;(3)digital finance improves the technological innovation of enterprises by alleviating their financing constraints and reducing their financing costs;(4)digital finance has a more obvious role in promoting technological innovation of non-state enterprises,high-tech enterprises,and enterprises in the growth period.The innovations of this paper include(1)exploring the impact of digital finance on the output and efficiency of enterprise technological innovation from the perspective of innovation efficiency,which reveals the relationship between digital finance and enterprise technological innovation more comprehensively;(2)introducing enterprise digital transformation,studying whether enterprise digital transformation affects the effect of the role of digital finance,and further analyzing the relationship between the three,which enriches the existing research. |
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