Research On The Impact Of Digital Finance On Technological Innovation In Manufacturin

Manufacturing is the core driving force for the development of the entity economy.Driven by the cost advantage and demographic dividend,China’s manufacturing industry has developed into a complete modern industrial system,with the scale and total volume ranking first in the world.However,the manufacturing industry is now "large but not strong" and "complete but not excellent" due to the lack of critical technologies,excessive energy resources consumption and structural imbalance.Innovation is the engine of industrial upgrading.In order to solve the challenges faced by manufacturing development,it’s necessary to improve the ability of independent innovation and rely on innovation to promote industrial transformation and upgrading.At present,digital finance based on digital technologies such as big data,cloud computing and blockchain is developing rapidly.Its characteristics of wide coverage,low cost and low threshold can inject new impetus into manufacturing innovation.Based on this background,this paper studies the impact and mechanism of digital finance on manufacturing technological innovation,which will help promote digital finance to better support the entity economy.First of all,this paper combs the relevant theories of digital finance and technological innovation,and analyzes the internal mechanism of the impact of digital finance on manufacturing corporate technological innovation.Secondly,this paper elaborates the transmission path of financial constraints and financial risks,and further study the non-linear relationship between digital finance and technological innovation through introducing market competition and institutional environment as threshold variables.Then,this paper uses the data of Chinese A-share manufacturing listed companies from 2011 to 2020 to establish a fixed effect model and a panel threshold model.Finally,the heterogeneity analysis is carried out from the perspective of region,the nature of businesses and factor intensive types.The research conclusions are as follows:(1)Digital finance significantly promotes manufacturing corporate technological innovation,and the coverage and depth pf use both have positive impact on technological innovation.(2)Digital finance can drive manufacturing corporate technological innovation by alleviating financial constraints and reducing financial risks.(3)There is threshold effect between digital finance and manufacturing technological innovation based on market competition and institutional environment.With the deepening of market competition degree,the promotion of digital finance on technological innovation is weakened.When institutional environment exceeds the threshold value of 10.760,digital finance can better improve technological innovation.(4)Compared with the eastern region,digital finance can better promote technological innovation of manufacturing businesses in the central and western regions.Compared with the state-owned enterprises,digital finance has a more obvious driving effect on technological innovation of non-state-owned manufacturing firms.In terms of factorintensive types,digital finance can better promote technological innovation of labor-intensive and capital-intensive enterprises,but has no significant positive effect on technology-intensive enterprises.Based on the above conclusions,this paper puts forward some suggestions about promoting the development of digital finance and achieving the innovation and upgrading of manufacturing industry.