Financial Technology,Digital Transformation And Enterprise Technological Innovation Performance

Since the new era,China is striving to build a new development model mainly driven by innovation,and striving to achieve high-quality economic development.General Secretary Xi Jinping has repeatedly emphasized that "innovation is the first driving force of development",and the development of national innovation capacity is crucial to the realization of socialist modernization in China.Therefore,it is necessary to accelerate the development of China’s innovation capacity and improve the level of technological innovation of enterprises in China.Among the applications of digital technology,fintech and digital transformation play an important role in the improvement of enterprises’ technological innovation capability.In this context,this paper studies the impact of fintech and digital transformation on enterprise technology innovation from macro and micro perspectives.This paper uses data from A-share listed enterprises on the Shanghai and Shenzhen stock exchanges from 2011 to 2020 to empirically test the impact of fintech and digital transformation on the technological innovation performance of enterprises and their mechanisms of action.The empirical results show that both fintech and digital transformation can significantly improve the technological innovation performance of enterprises.Digital transformation plays a mediating role in the promotion of corporate technology innovation performance by fintech.The heterogeneity test finds that the contribution of fintech to firms’ innovation performance is more pronounced in non-state owned enterprises,high-tech enterprises and enterprises in the eastern region.While digital transformation significantly contributes to the technological innovation performance of both state-owned and non-state-owned enterprises,the contribution of digital transformation is more pronounced for high-tech enterprises and enterprises in the eastern region.Further analysis shows that fintech can alleviate corporate financing constraints,reduce corporate financing costs,and thus promote corporate technological innovation performance.The degree of regional marketization and the level of commercial credit have a positive moderating effect on the performance of fintech in promoting enterprise technology innovation.Based on the empirical results,this paper draws conclusions and proposes appropriate policy suggestions,aiming to help enterprises better seize the opportunities of digital technology,improve their technological innovation capabilities and promote the high-quality development of China’s economy.