Research On The Impact Of Digital Finance On Enterprise Innovation

Innovation is an important way for enterprises to compete for competitive advantages and improve development efficiency,and it is also the main driving force for promoting high-quality and sustainable development of the national economy.As the main body of research and development innovation in China,enterprises have the characteristics of high investment,long cycle,and high risk.Enterprise innovation also experiences the dilemma of difficult and expensive financing.To avoid China’s science and technology entering a "bottleneck" situation,an excellent financial system is needed to support enterprise technology innovation,and long-term sustainable and stable resources are needed to guarantee it.In recent years,the rapid development of information technology has promoted the integration of finance and technology,and digital finance has emerged,changing the business model of traditional finance and having a significant impact on residents’ lives and enterprise production.Digital finance relies on digital technologies such as big data,the Internet,and blockchain,leveraging technological advantages to break through the framework and spatial limitations of traditional finance,reduce the threshold and cost of financial services,help enterprises alleviate financing constraints,assist in R&D innovation,promote industrial structure upgrading,create new development opportunities,and promote the rapid development of the real economy.This article reviews and summarizes research literature on digital finance and enterprise innovation both domestically and internationally,elaborates on relevant theories,analyzes the current development status of digital finance and enterprise innovation in China,and proposes research hypotheses.Select the public data of A-share listed companies in China from2011-2021,use the fixed effect model and the mesomeric effect model,empirically test the research hypothesis,discuss from the perspective of enterprise heterogeneity,and conduct heterogeneity analysis according to the differences in enterprise size,property rights,industries,and regions.Finally,conduct a robust test,and draw conclusions:(1)The development of digital finance affects enterprise innovation output Both invention breakthrough innovation and non invention progressive innovation have significant promoting effects.(2)The mechanism by which digital finance affects corporate innovation through financing constraints as a mediating variable.(3)In terms of enterprise scale,digital finance has a more significant promoting effect on innovation for small and medium-sized enterprises than for large-scale enterprises;In terms of property rights,digital finance has a more significant promoting effect on non-state-owned enterprises than state-owned enterprises.(4)Digital finance is more conducive to promoting breakthrough innovation with higher technological content for high-tech enterprises and gradual innovation with lower technological content for non high-tech enterprises.(5)The development of digital finance has heterogeneity in the innovation of enterprises distributed in different regions,and the incentive effect for innovation in the eastern and central regions with better institutional environments is more obvious.Based on the above research conclusions,appropriate policy recommendations are proposed:(1)launch a long-term development strategic plan for digital finance,and the government and financial institutions should cooperate to promote the standardization and health of the digital finance industry;(2)Encourage and support traditional financial institutions to actively promote Digital transformation and seize development opportunities;(3)Implement precise policies targeting the heterogeneity of enterprises and formulate multi-level financial support policies;(4)Establish and improve a regulatory system that adapts to the development of digital finance.