Research On The Impact Of Digital Inclusive Finance On SMEs’ Innovation

Innovation-driven is the core driving force for building a modernized economic system,and as one of the important innovation subjects,the driving force for innovation of SMEs cannot be ignored.However,due to the inherent defects of innovation projects such as high initial cost,difficult technical iteration and uncertain innovation results,coupled with the problems of small asset size and high operational risks,SMEs have difficulties in obtaining external financing and higher costs,and their leverage ratio is always high,which inhibits the enthusiasm of enterprises to carry out innovation business.With cutting-edge digital information technology as the cornerstone,digital inclusive finance can help SMEs get out of the dilemma of "difficult" and "expensive" financing,improve the efficiency of internal capital use and reduce financial risks with its three qualities of high accessibility,low cost and high efficiency.Therefore,in the context of the sustainable development of digital inclusive finance,it is of practical significance to explore the mechanism of its impact on the innovation of SMEs.To this end,this paper selects the enterprises listed on the NEEQ concept stock as the sample object and constructs a benchmark model with corporate innovation as the explanatory variable and the 2015-2020 PKU-DFIIC as the core explanatory variable.At the same time,two mediating variables,namely financing constraints and financial risk indicators,are selected to measure whether digital inclusive finance has an incentive effect on innovation development by alleviating financing constraints and reducing financial risks.Heterogeneity tests are further carried out for different scale enterprises and industry nature.The following conclusions are drawn from the analysis: first,digital inclusive finance has a significant effect on SMEs’ innovation investment,and there are differences in the effect of sub-indices;second,digital inclusive finance can promote SMEs’ innovation by alleviating financing constraints and reducing financial risks;third,the innovation incentive effect of digital inclusive finance is more significant for smaller enterprises and enterprises in high-tech industries.Based on the above analysis,this paper puts forward three suggestions: first,coordinate and link the three main bodies of government,financial institutions and SMEs to improve the digital inclusive financial service system and lay the foundation for the innovative development of enterprises.Second,emphasize the innovation heterogeneity of s SMEs and implement the classification.Third,enhance the awareness of intellectual property rights and promote the parallel development of independent innovation and joint innovation.