The Impact Of Digital Inclusive Finance On Enterprise Innovation

Scientific and technological innovation is the premise of high-quality development of national economy,and also the first priority to make the country based on the world.With the gradual implementation of innovation driven,science and technology power and other strategies,China has made significant progress in scientific research and innovation,but there is still a big gap between China and other developed countries.As an important component of R&D innovation,enterprises are unable to raise sufficient funds from outside due to problems such as asymmetric information,high financing costs,and large R&D risks.Therefore,financing constraints seriously hinder the improvement of enterprises’ innovation level.In this context,digital inclusive finance emerged as the times require,providing personalized products and services for tail enterprises through digital technology,effectively addressing the problem of information asymmetry between trading parties,reducing the financing threshold,and providing financial support for R&D projects.At the same time,in recent years,the government has successively promulgated and implemented policies to encourage enterprise innovation.How to strengthen government policy support,help enterprises to stimulate research motivation and improve innovation ability has become the top priority of government decision-making.In order to explore the mechanism of digital inclusive finance affecting R&D innovation,this paper adopts a combination of theoretical analysis and empirical analysis.On the basis of combing the existing literature and theoretical analysis,it selects A-share listed companies as the research object,matches the local city where the enterprise is located with the digital inclusive finance index of Peking University,and combines other variables to obtain panel data.In the aspect of empirical research,the paper first analyzes and tests the effect of digital inclusive finance on enterprise innovation.Then,taking government subsidies as the adjusting variable,we use the regulatory effect model to empirically analyze whether there is a regulatory effect of government subsidies in the process of digital inclusive finance affecting R&D innovation.Further more,under the regulatory effect model,the heterogeneity of samples is tested based on the nature of different industries,property rights and regions.Finally,it tests whether the adjustment effect of government subsidies has a lag effect.Through empirical research,the following conclusions are drawn: First,digital inclusive finance can significantly improve the R&D investment of enterprises,and the digitalization degree,use depth and coverage of secondary indicators can significantly improve the R&D investment of enterprises.With the upgrading and innovation of digital technology,financial institutions can quickly search for the business status and financial data of enterprises,reduce information asymmetry,and help long tail enterprises to lower the financing threshold,enrich financing channels,reduce financing costs,to a certain extent,provide research and development fund guarantee for enterprises,and encourage enterprises to invest in innovation.Second,government subsidies have a regulatory effect in the role of digital inclusive finance in R&D investment.The government releases a positive signal to the capital market by issuing government subsidies,making up for the lack of information search of financial institutions,guiding financial institutions to choose loan objects,achieving efficient matching between investment and financing parties,and thus promoting the level of enterprise R&D innovation.However,most government subsidies have been roughly determined before the start of R&D projects,which are not related to the actual R&D investment and cannot directly affect R&D investment.Third,under the regulation effect model,the regulation effect of government subsidies for high-tech enterprises,non-state-owned enterprises and non eastern enterprises is more significant.By issuing government subsidies,the financing constraints on the above three types of enterprises will be eased more significantly,which is more conducive to broadening financing channels and increasing enterprise innovation investment.Fourth,there is a lag effect of government subsidies on regulating the impact of digital inclusive finance on R&D investment.Because government subsidies are usually granted at the basic research and application research stages,it still takes a long time from project research to formal R&D investment,and there is also a certain lag in the process from enterprises enjoying government subsidies to receiving loans from financial institutions.According to the above experimental conclusions,the following suggestions are put forward: First,the government is suggested to accelerate the construction of digital technology infrastructure,increase government subsidies for enterprise innovation projects,give full play to the regulatory effect,pay active attention to the lag effect of government subsidies,actively guide enterprise innovation and development,and improve the relevant supervision and management system.Secondly,it is suggested that the government should attach importance to the ex post subsidy and improve the promotion efficiency of the government subsidy,increase the proportion of ex post subsidy,and grant the government subsidy at the same time as the project research and development,.Third,it is recommended that financial institutions fully integrate digital technology,innovate digital financial products and improve service quality.Focus on the balanced development of digital inclusive finance and improve the penetration rate of digital inclusive finance.Fourth,it is recommended that financial institutions design personalized financial services and financial products for non-state-owned enterprises,high-tech enterprises and non eastern enterprises,and that the government properly increase its attention to such enterprises,enrich the specific forms of government subsidies,enhance the supply of credit resources,gradually increase the amount of government subsidies,and accurately implement policies for the R&D and innovation of tail enterprises.Fifth,it is recommended that enterprises improve their own R&D level,improve credit construction,and provide financial and R&D related information to financial institutions in a timely and complete manner.