Influence Of Digital Finance On Technological Innovation Of Manufacturing Enterprises

"We will promote the high-end,intelligent and green development of the manufacturing industry," which points out the direction for the high-quality development of Chinese manufacturing.The improvement of technological innovation ability of manufacturing enterprises can significantly promote the high-quality development of manufacturing industry.However,due to high investment and high risk,the technological innovation process of manufacturing enterprises is faced with difficulties such as insufficient internal funds,difficult and expensive external financing.The rapid development of digital finance in recent years has made it possible for manufacturing enterprises to carry out technological innovation.Digital finance has effectively eased the financing constraints of enterprises by alleviating information asymmetry,providing digital credit review system and other ways,which have significantly promoted the technological innovation of enterprises.Studying the influence mechanism of digital finance on technological innovation of manufacturing enterprises can help our economy develop with high quality,increase the scale of social financing,and promote the financial system to make profits from virtual to real economy.Based on the corresponding provincial digital inclusive finance index and enterprise micro data,this paper constructs panel data from 2011 to 2020 to empirically study the impact of digital finance on technological innovation of manufacturing enterprises.Firstly,the fixed-effect model was established to explore the impact of digital finance on technological innovation of manufacturing enterprises.Moreover,the digital inclusive finance index lagging one period was used for endogeneity test.By substituting the explained variables for robustness test,it is proved that digital finance can significantly promote the robustness of technological innovation conclusions of manufacturing enterprises.Secondly,it examines the influence of digital finance on technological innovation of manufacturing enterprises from the aspects of technological innovation quality,organizational form,region and scale.Finally,the intermediary effect model is used to test how digital finance affects technological innovation of manufacturing enterprises from the perspective of financing constraints.Puts forward relevant hypotheses through theoretical mechanism analysis,and draws the following conclusions through subsequent empirical test: First,the development of digital finance has significantly improved the technological innovation ability of manufacturing enterprises.Second,the effect of digital finance on low-level technological innovation is more significant than that of high-level technological innovation.Third,digital finance has an obvious effect on the central and western regions,especially on largescale enterprises and state-owned enterprises.Fourth,digital finance can significantly ease financing constraints,further expand the flow of external capital into enterprises,improve the quality of the use of external capital,and better play the effective role of the use of external capital in promoting technological innovation of Chinese manufacturing enterprises.Based on the above conclusion,starting from the basic national conditions of our economic transition and structural adjustment,we can make policy improvement from the following points: First,to promote the regional balanced development of digital finance;Second,we should implement differentiated technology innovation incentive policies to encourage high-level technology innovation and development.Third,guide enterprises to use digital financial means to obtain financial resources;Fourth,we need to improve the regulatory system and improve its effectiveness.