Whether Digital Inclusive Finance Promotes SME Innovation

After the "14th Five-Year Plan",the development of small and medium-sized enterprises in China has received more and more attention from the academic circle,the state also gave policy support to the development of small and medium-sized enterprises,and put forward that the development of small and medium-sized enterprises should take the road of "special fine and new" development,that is,specialization,fine,characteristic and innovation.The development of small and medium-sized enterprises cannot be separated from technological innovation,and technological innovation cannot be separated from abundant capital,and the source of capital of small and medium-sized enterprises depends on financing ability.In other words,the level of financing ability is an important performance of small and medium-sized enterprises to achieve "specialized and innovative" development.At present,the problem of financing difficulties of small and medium-sized enterprises is more prominent.In view of the problem of financing constraints,the country has been updating its policies to provide more precise guidance,which clearly points out that only by easing the financing constraints of enterprises can we promote the innovative development of enterprises and maintain rapid growth of our small and medium-sized enterprises.The emergence of digital inclusive finance has effectively alleviated the problem.The goal of promoting digital inclusive finance in China is to reduce the financing transaction costs of enterprises through Internet technology,so as to help enterprises have the ability to obtain more financing.Whether digital financial inclusion can effectively promote smes’ technological innovation,and through what means,needs to be further discussed.Therefore,this paper uses the partial data of listed enterprises in the bottom 50% of the total market value of small and medium-sized board and GEM from 2011 to 2020,and uses the digital financial inclusion index data released by Peking University Research Center.Based on the perspective of financing constraints,this paper discusses the impact of digital financial inclusion on technological innovation of small and medium-sized enterprises.The results show that: firstly,the implementation of digital inclusive finance can promote the technological innovation of smes,and can produce indirect effects through the financing constraint mechanism;Second,digital inclusive finance has a greater impact on technological innovation of enterprises in the technology industry through financing constraints;Third,digital inclusive finance has an impact on the technological innovation of enterprises in the growth and maturity stages,but has no obvious relationship with the innovation of smes in the recession period.