Research On The Influence Of Digital Finance On The Innovation Ability Of Listed Companies

The report of the 20 th National Congress of the Communist Party of China pointed out that science and technology are the primary productive forces and innovation is the primary driving force.The 14 th Five-Year Plan proposes to adhere to the core position of innovation in the overall situation of China’s modernization,and for the first time issued the first national-level special plan in the field of digital economy.Innovation is the primary driving force for high-quality development,and the capital market is a booster for achieving innovation-driven high-quality development.With the help of a series of digital tools such as big data and artificial intelligence,digital finance can effectively improve the innovation ability of enterprises and promote high-quality economic development.Therefore,it is of great theoretical and practical significance to deeply study the impact of digital finance on the innovation ability of enterprises,and promote the improvement of the innovation ability of listed companies through the development of digital finance,so that listed companies can effectively serve the real economy and contribute key forces in the new journey of building a modern socialist power.This paper first sorts out the existing relevant research results,and finds that the existing research still has certain deficiencies in two aspects on the impact of digital finance on the innovation ability of enterprises.One is that the mechanism of action is not clear enough,and the other is that the analysis of enterprise innovation ability is not so comprehensive.Secondly,based on the definition and measurement of digital finance and the innovation ability of listed companies,this paper discusses how the four dimensions of digital finance affect the innovation ability of companies,as well as the regional differences and heterogeneity of the impact of digital finance on the innovation ability of listed companies.Then,this paper takes the listed enterprises of Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2020 as the research objects,and conducts an empirical study on the impact of digital finance on the innovation ability of listed companies.The empirical research results show that digital finance can effectively promote the company’s innovation ability in all four dimensions,and the promotion effect of coverage breadth is the most prominent.The effect of digital finance on the innovation ability of non-state-owned and growth-stage listed companies located in the east is more obvious.Finally,a test of the mediating effect of digital finance on the innovation ability of listed enterprises is carried out,and the test results show that the development of digital finance can promote the innovation ability of listed enterprises by reducing corporate financing constraints and reducing corporate financial risks,and the mediating effect of financial risk is more obvious in smaller listed enterprises than that of larger listed companies.Based on the above research conclusions,this paper proposes to adhere to the development and improvement of digital finance,improve the integration of digital technology and financial services,strengthen the digitalization level of traditional finance,and make digital finance better serve the real economy.At the same time,attention should also be paid to the balance and practicality of the development of digital finance,expand the coverage and depth of the use of digital financial services,and add impetus to the improvement of the innovation ability of listed companies.