Research On The Impact Of Digital Finance On Enterprise Innovation

Manufacturing plays a pivotal role in national economy,and it’s also an important foundation for promoting high-quality economic development.Improving the innovation capability of manufacturing enterprises is not only conducive to promoting the sustainable development of manufacturing enterprises,but also make China’s manufacturing industry grow and develop.Due to the high investment,long duration and great uncertainty in the innovation activities of enterprises,it is difficult for the internal funds of enterprises to ensure the stable progress of innovation activities and needs to rely on external financing.Therefore,the widespread problem of "difficult and expensive financing" restricts the innovation of manufacturing enterprises.Compared with traditional financial models,emerging digital finance,relying on big data,AI,blockchain and other information technologies,can reduce information asymmetry in the market,reduce financial service thresholds and corporate financing costs,and provide innovative financial products and services,broaden the financing channels of enterprises,effectively alleviate the problem of financing constraints,and thus promote the innovation of manufacturing enterprises.On the basis of reviewing the existing literature,this dissertation conclude information asymmetry theory,financial inhibition theory,long tail theory and Schumpeter innovation theory to expound the impact of digital finance on enterprise innovation and its transmission mechanism;taking the listed manufacturing enterprises from 2011 to 2019 as the research object,using two-way fixed effect model to match the enterprise data with the data at the prefecture and city level of the Peking University Digital Inclusive Finance Index.This dissertation tests the impact of digital finance on the innovation of manufacturing enterprises in China;using the mediation effect model,tests the role of alleviating financing constraints in the impact of digital finance on corporate innovation;Different effects of digital finance on enterprise innovation.The research results show that:(1)Digital finance can promote the innovation of manufacturing enterprises,and the coverage of digital finance,the depth of use and the degree of digitization all have an incentive effect on enterprise innovation.(2)Digital finance mainly promotes enterprise innovation by easing the financing constraints of manufacturing enterprises.(3)Digital finance has a significant incentive effect on innovation of non-state-owned manufacturing enterprises,but has no significant impact on state-owned manufacturing enterprises.(4)Compared with non-high-tech manufacturing enterprises,digital finance has a stronger driving effect on innovation of high-tech manufacturing enterprises.(5)Compared with the economically developed eastern regions,digital finance has a stronger driving effect on enterprise innovation in the central and western regions.Based on the conclusions of theoretical research and empirical research,this dissertation puts forward the following policy suggestions: continue to deepen the development of digital finance and improve the quality of digital finance development;improve the digital infrastructure construction in economically backward areas,further eliminate the "digital divide",and promote coordinated regional development;provide personalized financial services for enterprises of different natures;pay attention to the cultivation of computer and financial compound talents.The innovations of this dissertation:(1)From the three subdivision dimensions of digital finance and its coverage,depth of use and degree of digitization,the impact of digital finance on the innovation of listed manufacturing companies is studied,and the research content is relatively comprehensive;(2)From the perspective of financing constraints,explore the role of digital finance in promoting enterprise innovation,deepen research topics.