Research On The Impact Of Digital Inclusive Finance On Small And Micro Enterprise Innovation

Since the beginning of the new century,our economy has developed rapidly,and GDP has been rising continuously.An important means to promote economic development is to promote innovation in enterprises,especially in small and micro enterprises,which not only covers more than half of all innovations,but also has a close bearing on people’s livelihood.However,small and micro enterprises are faced with the problem of difficult and expensive financing,which makes their development difficult and difficult to carry out enterprise innovation.The emergence of digital inclusive finance reduces the degree of information asymmetry,alleviates financing constraints,reduces financing costs,and thus reduces corporate leverage ratio,ultimately promoting corporate innovation.Compared with small and micro enterprises,most scholars are more inclined to study the impact of digital inclusion finance on the innovation of large enterprises and listed companies,while few study the impact of digital inclusion finance on the innovation of small and micro enterprises.Therefore,this paper studies the promoting role of digital inclusion finance on the innovation of small and micro enterprises through theoretical analysis and empirical test,so as to provide theoretical basis for promoting economic development and innovation of small and micro enterprises.This paper matches the data of digital inclusive finance from 2013 to 2020 with the patent data of small and micro enterprises from 2014 to 2021,adopts the intermediary effect model,and empirically tests the influence mechanism of digital inclusive finance on innovation of small and micro enterprises from the perspective of leverage ratio.Secondly,instrumental variable method is used for endogeneity test.Then it explores the impact of digital inclusive finance on different small and micro enterprises through heterogeneity analysis.Finally,robustness test is carried out to verify the conclusion of this paper.The study found that digital financial inclusion promotes innovation in small and micro businesses by reducing their leverage ratio.After the endogenetic analysis,the above conclusions are still valid.Heterogeneity analysis shows that digital inclusive finance is conducive to reducing the leverage ratio and promoting innovation of the eastern region,non-A-class corporate taxpayers and non-high-tech enterprises,which reflects the characteristics of inclusive finance.Finally,a series of robustness tests were carried out by deleting key cities and the number of lag periods to verify the validity of the conclusion.The research results of this paper enrich the relevant research of digital inclusive finance on the innovation of small and micro enterprises,and also help financial institutions to provide more precise support to enterprises,and provide theoretical basis for financial institutions to better support the development of the real economy.