Research On The Impact Of Digital Finance Development On Enterprise Innovation Level

The purpose of this study is to explore the impact of the development of digital finance on innovation in high-tech enterprises,using empirical analysis as a method.First,through a literature review on digital finance and enterprise innovation,it was found that there is a close relationship between digital finance and enterprise innovation.Digital finance can provide more convenient and efficient financing channels and more accurate and comprehensive data support for enterprises,thus promoting enterprise innovation.Subsequently,the main research subjects are defined and the theoretical basis for the research is outlined,laying the theoretical foundation for the research.Finally,a research design is conducted,selecting 406 high-tech enterprises in China from 2011 to 2020 as the research objects,and using the spatial error model(SEM)to explore the relationship between the development of digital finance and enterprise innovation.The results of the study show that there is a positive correlation between the development of digital finance and enterprise innovation,and that there are significant external spillover effects.After subdividing the digital finance indicators,it is found that the breadth of digital finance coverage,the depth of digital finance use,and the degree of inclusiveness of digital finance have different effects on enterprise innovation,indicating that digital finance can promote enterprise innovation in different dimensions and to different extents.Further exploration of its mechanism shows that the development of digital finance partly promotes enterprise innovation by enhancing enterprise commercial credit.In addition,the heterogeneity analysis shows that the development of digital finance has a more significant role in promoting the innovation and development of the "long-tail group" in the traditional financial system,that is,the western region,private enterprises and small-scale enterprises.Based on this,suggestions are made to improve the construction of the digital finance system,accelerate enterprise digital transformation,continue to play the role of innovation driving effect,strengthen regional coordination effects,fully utilize commercial credit financing,and formulate development strategies according to local conditions.