Research On The Impact Of Fintech On Technological Innovation Of SMEs

The report of the 20th National Congress of the Communist Party of China proposed to adhere to the core position of innovation in the overall situation of modernization.At present,China’s economy has entered a stage of high-quality development.Technological innovation is undoubtedly the core driving force of economic development.To give full play to the dominant position of enterprises as technological innovation,continuous financial support must be given.Enterprises generally have information asymmetry in the financing process,resulting in financing constraints.Especially for small and medium-sized enterprises,due to objective reasons such as less mortgageable assets and smaller scale,they are more likely to fall into financing difficulties under the traditional financial system,which restricts the development of their technological innovation activities.Through cutting-edge technologies such as big data,cloud computing,artificial intelligence,blockchain and mobile Internet technology,financial technology has broken the traditional financial space-time barriers,increased online financial services,and solved the long-standing problems of low efficiency,high cost and low coverage in the traditional financial system.Provide more convenient products,services and more financing channels for enterprises,especially small and medium-sized enterprises,so as to improve the financing environment.Therefore,analyzing the role of financial technology in promoting technological innovation can provide ideas for improving the technological innovation ability of SMEs,and also help guide the healthy development of financial markets and better serve the real economy.This paper combines theoretical analysis and empirical research to explore the impact and mechanism of fintech on technological innovation of SMEs.Firstly,sort out and summarize the relevant literature on financial technology and enterprise innovation at home and abroad.From the existing literature,it is concluded that fintech can promote technological innovation of SMEs by alleviating financing constraints and reducing financing costs.Secondly,the new third board listed companies from 2011 to 2021 are taken as research samples,and the financial technology development index is constructed to match them.The promotion effect of financial technology on technological innovation and the mediating effect of financing constraints and financing costs are empirically tested.And based on the nature of property rights of SMEs,regional differences and the intensity of financial supervision,the heterogeneity analysis is carried out.Finally,draw conclusions and make policy recommendations.The main conclusions of this paper are as follows : First,the development of financial technology can significantly improve the technological innovation level of SMEs,and promote both innovation input and innovation output.Second,financing constraints and financing costs are the mechanism of action,that is,fintech promotes the level of technological innovation by alleviating the financing constraints faced by SMEs and reducing the financing costs.Third,fintech has a stronger role in promoting the technological innovation of private SMEs,SMEs in the central and western regions,and SMEs that implement strict financial supervision,and effectively improves the credit discrimination and structural mismatch of financial resources in traditional finance.According to the research conclusions,this paper puts forward the following policy recommendations : the government should formulate relevant policies,improve relevant financial infrastructure construction,pay attention to regional differentiation,and formulate differentiated development strategies of financial technology according to local conditions,so as to better promote the technological innovation of SMEs.We should deepen the reform of state-owned system and build a fairer competitive environment.At the same time,it is necessary to properly supervise financial technology to ensure its stable and orderly operation.For small and medium-sized enterprises,they should strengthen their own technological research and development,enhance their technological innovation capabilities,and help the economy achieve high-quality development.