Research On The Impact Of Digital Finance On Enterprise Technological Innovation From The Perspective Of Financial Mismatch

Technological innovation is a solid guarantee for achieving high-quality economic development,and it is the foundation for enterprises and even the country to overcome all difficulties and enter the peak of development.In the "post-epidemic era",digital finance enabled by digital technologies such as big data is an important breakthrough for digital creative companies to "cultivate new opportunities and open new opportunities",and is also the backbone of promoting the development of the real economy.Therefore,it is of great practical significance to study the impact of digital finance on technological innovation of digital creative enterprises.Based on the data of digital creative enterprises listed on Shanghai and Shenzhen A-shares from 2015 to 2020,this paper empirically examines the impact of digital finance on enterprises technological innovation,and the mechanism of financial mismatch and institutional environment.Further,it explores the heterogeneity of region,property rights and financial development level in the incentive effect of digital financial innovation.The results show that,firstly,digital finance does have a significant innovation "incentive effect",and the coverage,depth of use and degree of digitization can help improve the technological innovation level of digital creative enterprises.Secondly,the promotion effect of digital finance on corporate innovation is realized by alleviating the path of corporate financial mismatch,that is,the transmission channel of "digital finance-financial mismatch-enterprise technological innovation" is effective.Thirdly,further research finds that a perfect institutional environment will intensify the promotion of digital finance on corporate technological innovation.Finally,the role of digital finance in promoting technological innovation of enterprises in non-state-owned,eastern regions and underdeveloped areas with traditional financial development is more obvious,indicating that digital finance can help release the "attribute anchoring" brought by traditional financial supply.It fully verifies the HP characteristics of digital finance and the effect and path of "incremental supplement" and "stock optimization",and the conclusion enriches the research results of digital finance and enterprise innovation and development.The empirical conclusions of the research support theoretical guidance for digital creative companies to use digital finance to drive corporate technological innovation,alleviate information asymmetry,correct disto rtions in financial resource allocation,and meet the financial service needs of long-tail groups,and provide theoretical basis on how digital finance can better improv the R&D innovation system provides policy advice and practical inspiration.