Research On The Impact Of Digital Inclusive Finance On Technological Innovation Of Technology-Based SMEs

The National "14th Five-Year Plan"clearly points out that we should unswervingly implement the new development concept,deeply implement the innovation-driven development strategy,and realize the transformation from factor-driven and investment-driven to innovation-driven.Technology-based SMEs are the mainstays of China’s R&D innovation.Improving the innovation level of technology-based SMEs and giving full play to their R&D advantages can not only improve the overall level of China’s science and technology innovation and R&D but also effectively promote the implementation of the innovation-driven development strategy.From the experience of the development of the technology industry in developed countries in history,the level of technological innovation of enterprises is closely related to the strong financial market.Therefore,it is necessary to find out how to enhance the technological innovation level of science and technology-based SMEs through the development of digital inclusive finance.By combing and analyzing financial development theory,long-tail theory,financing constraint theory,and innovation value chain theory,and using panel data of a total of 674 GEM enterprises from 2011-2018 as research samples,this paper examines the impact mechanism of digital inclusive finance development on technology innovation of technologybased SMEs from the perspective of innovation process view,and generates the following conclusions:first,digital inclusive First,the good development of digital inclusive finance has technology spillover effect and significantly promotes technological innovation of enterprises;Second,the technological innovation effect of digital inclusive finance mainly includes two impact paths,namely,alleviating enterprise financing constraints and improving the marketability of enterprise innovation.Third,the technological innovation effect of digital financial inclusion is heterogeneous in terms of enterprise property rights,enterprise size,and enterprise location.The research in this paper enriches the research on the topic of digital finance for enterprise technological innovation,not only using the innovation value chain theory to conduct a systematic study for a sample of technology-based SMEs,which complements the research gap but also using web crawler technology and principal component analysis to synthesize the proxy variables of digital inclusive finance by itself,which has certain theoretical significance.However,limited by the availability of data,there are still gaps in the measurement of digital inclusive finance and the sample of SMEs,and more comprehensive consideration is still needed.It is hoped that more suitable data on technology-based SMEs and more comprehensive measures of digital financial inclusion will emerge in the future,and meaningful research will continue to be conducted in-depth.