Research On The Impact Of Digital Finance On Technological Innovation Of Technology-based SME

Under the current economic situation,innovation plays an increasingly prominent role in promoting the national economy to achieve high-quality development and enhancing the overall national strength.As a knowledge-intensive economic entity with high requirements for R&D capital investment,small and medium-sized enterprises based on science and technology have serious financing constraints due to their insufficient development conditions and the influence of external environment,which greatly hinders their technological innovation.Digital finance,which relies on a series of digital technological means such as big data and artificial intelligence,can,to some extent,reduce the threshold of financial services and expand the scope of financial services by virtue of technological advantages to alleviate the financing dilemma of enterprises.Therefore,with the rapid development of digital finance,in-depth research on the impact of digital finance on technological innovation of small and medium-sized technology-based enterprises has become increasingly critical.This is not only of great significance at the theoretical level,which helps us better understand the influence mechanism of digital finance on technological innovation of small and medium-sized technology-based enterprises,but also of great significance at the practical level in promoting technological innovation of enterprises and thus promoting high-quality economic development.In order to explore the role of digital finance in technological innovation of small and medium-sized technology-based enterprises,this thesis analyzes and sorts out digital finance,enterprise technological innovation and the relationship between them on the basis of studying a large number of domestic and foreign literatures,and makes comprehensive use of the development theory of digital finance,technological innovation theory and theories related to financing constraints.The influence mechanism and research hypothesis of digital finance on technological innovation of technology-based SMEs based on financing constraints and financial regulation are obtained.Secondly,by selecting the GEM listed enterprises from 2011 to 2020 as sample data and matching the provincial level data of digital financial inclusion index,the two-way fixed effect model is used to empirically test the direct influence of the total digital financial index,coverage breadth,use depth and digitalization degree of the three secondary indexes on the technological innovation of small and medium-sized enterprises based on science and technology.Then,financing constraint as an intermediary variable and financial regulation as a moderating variable are added to the intermediary effect model and the moderating effect model respectively to empirically test the mediating effect of financing constraint on digital finance on technological innovation of technology-based SMEs,as well as the moderating effect of financial regulation on technological innovation of digital finance and technology-based SMEs.The research results show that: first,the total index of digital finance significantly promotes the technological innovation of small and medium-sized technology-based enterprises.The empirical results of testing the three secondary indexes of digital finance show that the three secondary indexes also promote the technological innovation of small and medium-sized technology-based enterprises.Second,the results of the intermediary effect model based on financing constraints show that digital finance can promote technological innovation of technology-based SMEs by easing enterprise financing constraints.Thirdly,the empirical test results of grouping discussion on the strength of financial supervision level according to the 50% quantile method show that digital finance has a greater promoting effect on technological innovation of technology-based SMEs with strong financial supervision level than that of those with weak financial supervision level,that is,financial supervision positively regulates the technological innovation of digital finance on technology-based SMEs.Based on the above theoretical and empirical conclusions,based on the government,financial institutions and enterprises,this thesis puts forward policy suggestions to promote digital finance to better serve the technological innovation of small and medium-sized technology-based enterprises.