| Regional technological innovation is the key factor to build a new development pattern.The improvement of regional technological innovation can promote the development of regional innovation level to a certain extent,so as to promote the development of regional industry and enhance the vitality of regional economy.Regional technological innovation usually consists of two stages: R&D and product.R&d refers to the process of developing innovative technologies by investing capital,human resources and technical resources;product stage refers to the application of technologies developed in R&D to actual products,aiming to convert new technologies obtained in R&D stage into commercial value and meet the needs and expectations of consumers.Both of the above two stages require long-term financial support,which has a high demand for funds.Digital inclusive finance,by popularizing fintech and new financial service modes,is expected to make up the gap that traditional financial services cannot cover,and its advantages of high efficiency and low cost meet the demand for funds for technological innovation activities.Therefore,how to apply the advantages of digital inclusive finance to regional technological innovation is of great significance to enhance the vitality of regional technological innovation and economic activities.Based on this,this paper uses a variety of econometric models to conduct empirical analysis on the direct and indirect impacts of digital financial inclusion on the whole process of technological innovation,and explore its influence mechanism and spatial spillover effect.This paper first reviews the domestic and foreign research results on digital inclusion finance,regional technological innovation and the relationship between them,clarifies the research ideas and methods,explores the influence mechanism of digital inclusion finance on regional technological innovation according to relevant theories,and proposes research hypotheses.In terms of empirical analysis,firstly,the analytic hierarchy process is used to determine the relevant indicators of the research and development stage and the product stage.Further,the statistical model is used to preprocess the data of the selected 11 relevant indicators,and finally the stable panel data is formed.In order to test the direct impact of digital financial inclusion on regional technological innovation,this paper analyzes the panel data of each stage in advance through benchmark regression,and the results show that the fixed-effect model has strong robustness.Furthermore,a single threshold model is used to test the nonlinear relationship between digital inclusive finance and technological innovation at different stages to test the indirect influence of digital inclusive finance on regional technological innovation.Finally,the spatial Dubin model is used to test whether the two have spatial spillover effect.The results show that there is a significant positive correlation between digital inclusive finance and technology research and development and product stage,that is,the development of digital inclusive finance can provide strong support for regional technological innovation.The test results of panel data threshold model show that the driving role of digital inclusive finance in regional R&D innovation cannot be played without the support of reasonable industrial structure.The spatial test results show that digital inclusive finance can significantly promote the level of technological innovation in the adjacent region during the transition stage of technological innovation.Finally,based on the empirical analysis,the author draws a conclusion and puts forward some improvement suggestions for the existing policies: 1.We will actively build an industrial ecosystem for digital inclusive finance,and strive to form industrial clusters and ecological layouts for digital inclusive finance that are shared and win-win.2.Increase the supply of digital inclusive financial services,and build a multi-level financial service supply system featuring government investment,venture capital and credit financing;3.Promote the coordinated development of digital inclusive finance among regions,and improve the overall level of technological innovation in China. |
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