| Technological innovation is the decisive factor to ensure the sustainability of economic development,and it has become an important factor in fueling China’s high-quality economic development.Encouraging and guiding enterprises to increase R&D investment,research new technologies,and helping the technological innovation of enterprises has become an primary work in the implementation of the innovation-driven development strategy.However,technological innovation activities usually require large,sustained and stable capital investment,which makes the technological innovation financing projects of enterprises(especially SMEs)more easily excluded from the threshold of traditional formal financial services,thus hitting the innovation will of enterprises and not conducive to improving their technological innovation ability.Manufacturing enterprises play a dominant role in the technological innovation activities of manufacturing industry.So it is particularly important to motivate their technological innovation.Therefore,this paper takes the panel data of listed companies in GEM manufacturing industry from 2011 to 2020 as the research sample,uses systematic GMM method to study the influence of digital inclusive finance development on R&D investment of GEM manufacturing enterprises in China,and uses the intermediary effect model to test whether digital inclusive finance development can promote R&D investment of GEM manufacturing enterprises by alleviating financial mismatch and financing constraints.The interactive term of digital inclusive finance and enterprise liquidity demand is introduced to study whether the development of digital inclusive finance can promote enterprises to increase R&D investment by reducing the crowding out of enterprise liquidity demand for technological innovation R&D investment.On this basis,this paper also studies whether digital inclusive finance can further influence the output level of technological innovation by increasing R&D investment of GEM manufacturing enterprises.The results of this paper show that:(1)China’s digital inclusive finance has achieved rapid development during the period 2011 to 2020.Although digital inclusive finance developed unevenly among cities,the gap is gradually narrowing;(2)Although China’s manufacturing industry has been growing and developing for many years,it still has the characteristics of "big but not strong",therefore,China needs to place the high-quality development of manufacturing industry in a more prominent position and boost its technological innovation without hesitation.(3)The rapid development of digital inclusive finance significantly motivate GEM manufacturing enterprises increase R&D investment in technological innovation,and the development of digital inclusive finance promotes the increase of R&D investment of GEM manufacturing enterprises through three ways: alleviating the degree of financial mismatch,relieving the financing constraints faced by GEM manufacturing enterprises,and reducing the crowding-out effect of enterprise liquidity demand on R&D investment.(4)This paper also analyzes the heterogeneity of the impact of digital inclusive finance development on the R&D investment in technological innovation of GEM manufacturing enterprises in China.In terms of industry-specific heterogeneity,the development of digital inclusive finance has a significant impact on the R&D investment of enterprises operating mechanical and electrical equipment and accessories,electronic and electric products,pharmaceutical industry,and communication industry,while the impact on the R&D investment of enterprises in chemical and biological industries is still weak.The results of the heterogeneity analysis of property rights showed that the impact of digital inclusive finance development on non-state-owned enterprises is more symbolic.In terms of regional heterogeneity,the impact of digital inclusive finance development on R&D investment enterprises of GEM manufacturing enterprises in the eastern and central region is more significant.The development of digital inclusive finance in the western regions fails to play a good role in promoting the technological innovation activities of GEM manufacturing enterprises.(5)Digital inclusive financial development promotes the level of technological innovation output of enterprises by increasing technological innovation R&D investment of GEM manufacturing enterprises.In the end,this paper puts forward some suggestions on how to better improve the development level of digital inclusive finance and promote the technological innovation of enterprises with digital inclusive finance from four aspects: perfecting the digital technology infrastructure construction,strengthening the policy support of digital inclusive finance,giving full play to the technological innovation effect of digital inclusive finance and increasing the policy support for motivating technological innovation. |
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