Financial Technology And Enterprise Innovation

It is clearly stated in the 14th Five-Year Plan that we will continue to pursue innovation-driven development,promote the optimal combination of innovation systems,improve scientific and technological innovation systems and mechanisms,promote the concentration of factors of innovation in enterprises,and enhance their innovation capacity.At present,our economy is moving towards a new stage of high-quality development.Enhancing the innovation ability of enterprises is an inexhaustible source of vitality and the key to the core competitiveness of enterprises.Continuous innovation can create value for enterprises and society,improve enterprise strength,optimize the overall industrial structure,and promote our economy to improve quality and efficiency.Technological innovation is the key factor to enhance national competitiveness.A series of problems caused by the Sino-US trade war,such as "ZTE incident" and "Huawei Incident",all show that Chinese technology is still subject to others.How to speed up the pace of enterprise innovation to solve the technological dilemma is the key.The key to encourage enterprise innovation is to solve the financing dilemma of enterprises,improve the financing system of financial market,and provide continuous financial support for enterprise R&D and innovation activities.However,due to the information asymmetry between the traditional financial system and enterprises,financial institutions are prone to resource mismatch and credit discrimination in order to control risks in the face of enterprises’ financing needs.As a result,enterprises’ innovative financing needs cannot be met and their innovative vitality cannot be fully released.As a financial innovation driven by big data,blockchain,cloud computing and other technological means,fintech uses information technology to transform financial services or products,subverts the traditional financial model,reshaps the financial ecology,effectively improves the problem that enterprises are limited by the traditional financial system when they carry out innovative financing,alleviates information asymmetry,and contributes to the release of enterprises’ innovation vitality.It has important research value and practical significance.This paper selects the data of A-share listed enterprises from 2011 to 2020 as research samples,uses fintech-related keywords to conduct advanced search of Baidu news,and constructs regional fintech development level indicators for research.Firstly,this paper examines the influence of fintech on the innovation capability of enterprises through the two-way fixed effect model.Secondly,the mediating effect model is constructed to explore the transmission effect of financing cost and secondary allocation of commercial credit,and verify whether there is a mediating effect.In addition,according to the characteristics of enterprises and regional differences,sub-sample regression is conducted to explore the heterogeneity of their influence.Finally,a quasi-natural experiment is constructed by taking advantage of the exogenous impact of the novel coronavirus outbreak,and a continuous differential model is adopted to verify the impact of fintech on enterprise innovation in the context of the epidemic,so as to test whether the conclusions are robust.Through the empirical test,we find that: first,fintech development has a positive incentive effect on enterprise innovation,and this driving effect still exists in the long run;Second,the development of fintech will promote enterprise innovation by reducing enterprise financing costs and the secondary allocation of enterprise business credit.Thirdly,this paper divides the samples according to the property rights characteristics of enterprises and the regions where enterprises are located,so as to observe the differences in the impact of fintech development on the innovation ability of enterprises of different types and regions.The results show that fintech has a more obvious innovation-driven effect on state-owned enterprises and those in the eastern region.Fourth,continuous difference-difference results show that the COVID-19 pandemic has a negative impact on enterprise innovation,and fintech can mitigate this negative impact.In view of the above conclusions,this paper puts forward corresponding suggestions: the government should formulate targeted development plans for fintech;Pay attention to the difference of enterprise development,take different measures to stimulate the innovation enthusiasm of enterprises;At the same time,improve the supervision mechanism and strengthen risk management.In addition,enterprises should actively apply fintech to improve their information disclosure;At the same time,an innovation-oriented mechanism should be established to encourage enterprises to carry out technological innovation and reduce financial investment behavior.