Research On The Impact Of Financial Technology On Enterprise Technology Innovation

Innovation is the first driving force for development and the strategic support for building a modern economic system.Giving full play to the innovative main role of enterprises is an important way to achieve high-quality development and break through the virtuous circle of "technology-finance-industry".Due to the characteristics of long cycle,high investment and high risk of technological innovation,enterprises need high-quality financial supply as a guarantee.As a new product of technology enabling the formation of traditional finance,financial technology has a significant impact on the technological innovation of micro-enterprises and the quality of macroeconomic development.At present,with the great opportunity of the vigorous development of artificial intelligence,big data,cloud computing and other technologies,finance has strengthened the organic integration with emerging technologies.Financial technology has had a huge impact on the financial market and traditional financial institutions,and has brought new business forms and models to promote finance to better serve the real economy and drive technological innovation.However,the research on financial technology is still at the initial stage,and scholars have not reached a consensus on the cognitive dimension of financial technology.There are insufficient research on the mechanism and transmission path of financial technology affecting the technological innovation ability of enterprises,which is difficult to provide reliable theoretical guidance for the government to formulate effective policies and exert the positive role of financial technology to drive technological innovation.Based on the above practical problems and theoretical gaps,this paper focuses on the research theme of "the relationship between financial technology and enterprise technology innovation",follows the progressive research logic of "raising questions-theoretical combing-practical characteristics-mechanism analysis-empirical research-countermeasure research",and comprehensively uses interdisciplinary analysis,system GMM method,DID estimation and threshold effect analysis methods to try to understand(1)what is financial technology? How should we systematically analyze Fintech?(2)What is the impact of Fintech on enterprise technological innovation and whether there is heterogeneity in this impact?(3)In what ways does Fintech affect enterprise technological innovation?(4)What institutional constraints are imposed on the impact of Fintech on enterprise technological innovation? Four key issues are discussed,with a view to comprehensively and deeply discussing the relationship between Fintech and enterprise technological innovation,revealing the law of Fintech’s role in enterprise technological innovation,and providing policy suggestions for the Chinese government to promote Fintech’s innovation to promote the improvement of enterprise technological innovation capability and further implement the innovationdriven development strategy.The research content of this paper can be divided into five levels:First,in-depth characterization and research of financial technology.By combing the concept,scientific connotation and development status of Fintech,the analysis framework of Fintech is constructed,and a regional financial development measurement method based on the number of Fintech enterprises is proposed.Second,explore the mechanism and theoretical attribution of the impact of financial technology on enterprise technological innovation.Based on the theory of financial function and the current reality of financial supply-side structural reform,this paper builds a theoretical chain of "scientific connotation-practical characteristics-theoretical logic-mechanism of action",and systematically analyze the impact mechanism of promoting financial function by financial technology to drive enterprise technological innovation.Thirdly,to explore the overall effect of Fintech on enterprise technological innovation,the purpose is to answer the question of "what kind of impact Fintech has on enterprise technological innovation and whether there is a certain heterogeneity of the impact".Fourth,in-depth study of the transmission mechanism of financial technology affecting enterprise technological innovation.Grasp the financial essence of Fintech,this paper builds the intermediary effect model,and analyze and study the mechanism of Fintech’s influence on technological innovation by improving financial function.Fifthly,there may be a complex nonlinear relationship between financial technology and enterprise technological innovation,especially it may be constrained by certain institutional factors.Especially in the context of the in-depth promotion of the financial supply-side structural reform,various institutional arrangements around optimizing supply are constantly evolving,which has not yet received sufficient attention from scholars.Based on the theory of institutional finance,this paper systematically studies the nonlinear impact of financial technology on enterprise technological innovation and the constraint mechanism of related institutional finance.This paper finds that: first,financial technology drives enterprise technological innovation by improving traditional financial functions.In essence,Fintech still belongs to the financial category,which is still an industry of financing,allocating resources and managing risks.Secondly,there are obvious regional differences,industry differences and enterprise differences in the impact of Fintech on enterprise technological innovation.The technological innovation of enterprises in the eastern region,highly competitive enterprises,non-state-owned enterprises,and small and micro enterprises can benefit more from the development of financial technology.Third,Fintech maximizes the internal and external resource support of enterprise technological innovation and realizes the financial drive of enterprise technological innovation by alleviating information asymmetry,reducing external financing constraints and costs,improving risk prevention and control capabilities,optimizing internal resource utilization,and adjusting costs and other mechanisms.Fourth,there is a complex nonlinear relationship between financial technology and enterprise technological innovation,and it is restricted by institutional factors such as financial endowment,financial supervision,and marketization process.Only to a certain extent can the development of financial technology significantly improve the technological innovation ability of enterprises.The innovation of financial technology requires the optimal range of financial supervision.The deepening of financial endowment and marketization is conducive to the driving effect of financial technology on technological innovation.Compared with the existing literature,the possible innovations of this paper are as follows: Firstly,the logical framework of the research on the impact of financial technology on enterprise technological innovation is preliminarily constructed.Based on the theory of financial development,this paper unifies the mechanism,impact path and impact effect of financial technology on enterprise technological innovation into the analysis framework of financial function theory.This paper provides theoretical attribution and research logic for further revealing the "black box" between Fintech and enterprise technological innovation,as well as for further exploring the transmission mechanism of Fintech’s influence on technological innovation.Secondly,the theoretical mechanism of the impact of financial technology on technological innovation of enterprises is analyzed in depth.This paper discusses the theoretical mechanism of the impact of financial technology on enterprise technological innovation from three dimensions.The first is how financial technology affects the technological innovation of enterprises.The second is the heterogeneity of the impact of financial technology on enterprise technological innovation.Thirdly,explore the nonlinear relationship and constraint mechanism between financial technology and enterprise technology innovation.This paper not only enriches and perfects the relevant research on financial driving technological innovation in theory,but also provides a policy basis for giving play to the power of financial science and technology to drive innovation and development Third,it enriches the theory of financial development and financial function.On the one hand,by refining the scientific connotation of Fin Tech,analyzing its practical performance and basic characteristics,this paper has initially constructed a Fin Tech analysis framework that is consistent with the actual situation of China’s financial development,providing a basis for scientific and systematic understanding and analysis of Fin Tech.On the other hand,this paper summarizes and studies the issue of "digital technology improving financial function",which is not covered by the traditional financial function theory,and further enriches the financial function theory.This paper has the following policy recommendations for giving full play to the positive role of Fintech in driving enterprise technological innovation and promoting the high-quality development of Fintech.First,increase the promotion of Fintech to help finance supply-side structural reform.Strengthen the construction of financial technology infrastructure.Promote traditional financial institutions to accelerate the application of financial technology.Optimize the regional layout of Fintech development and accelerate the in-depth application of Fintech development.Second,improve corporate governance and better use financial technology to drive technological innovation.Optimize the information disclosure mechanism of enterprise technological innovation.Give full play to the scale effect and demonstration role of leading enterprises,and constantly improve the penetration of financial technology in different industries of enterprises.Actively promote the digital transformation of enterprises.Third,strengthen the supporting system to promote the high-quality development of financial technology.Optimize the financial technology regulatory system and related legal construction,and promote the integrity and innovation of financial technology.Fig.13,Table32,References 311.