Research On The Influence Of Digital Finance Development On Enterprise Innovation

The report to the 20th National Congress of the Communist Party of China proposed to accelerate the implementation of the innovation-driven development strategy.As the main body of technological innovation in the micro market,whether the innovation-driven development strategy can be successfully implemented mainly depends on whether the willingness and ability of technological innovation can be effectively stimulated.The financial industry is the frontier of technological innovation,and the financial service mode with high quality and low price is the key factor for improving the quality and efficiency of enterprise innovation.In recent years,the scale of digital finance development in China has been growing day by day,and the degree of financial openness has been deepening,which provides a new opportunity for alleviating the financing constraints of enterprises and solving the problems of enterprise innovation.Based on the above background,this paper studies digital finance as A new entry point,selects A-share listed companies from 2011 to 2021 as samples,constructs a fixed effect model to investigate the direct effect of digital finance development on enterprise innovation,and uses the intermediary effect model to investigate the indirect effect of digital finance development on enterprise innovation.The research findings are as follows:(1)The development of digital finance has a significant positive incentive effect on enterprise innovation.(2)By exerting "resource effect" and "information effect",the development of digital finance is conducive to the improvement of enterprises’ risk bearing level and further promote enterprises’ innovation.(3)The development of digital finance is conducive to the transparency and informatization of enterprise credit,and promotes enterprise innovation by improving the commercial credit value of enterprises.Furthermore,heterogeneity research results show that the promotion effect of digital finance development on enterprise innovation is more obvious in central and eastern regions,non-state-owned enterprises and high-tech enterprises.After a series of robustness tests and endogeneity problems,the above main conclusions are still valid.Finally,according to the conclusions of this paper,combined with the current problems of enterprise innovation and the current situation of digital financial development,the following suggestions are put forward: First,steadily promote the development of digital finance,deepen the financial service capability;Second,improve the internal governance mechanism of enterprises to enjoy the advantages of the development of digital finance;Third,build a long-term mechanism for enterprise innovation to help build an innovation-oriented country;Fourth,accelerate infrastructure construction and promote the balanced development of regional digital finance.Fifth,accelerate the reform of state-owned enterprises and expand the space for the growth of non-state-owned enterprises.Sixth,improve the innovation fund support mechanism to build the innovation advantage of high-tech enterprises.