Research On The Impact Of Digital Inclusive Finance On Innovation Of Small And Medium-sized Enterprises

Under the background of the new normal,economic development is gradually shifting from being driven by factors and investment to being driven by innovation.As the main body of innovation,small and medium-sized enterprises are an important force for expanding employment and improving people’s livelihood.However,the traditional financial system is naturally inadequate in serving the innovation and development of small and medium-sized enterprises,which leads to the problems of financing difficulty and high financing cost.How to improve the independent innovation ability of small and medium-sized enterprises and boost the sustainable development of small and medium-sized enterprises is a key problem urgently to be solved.Based on this,China proposes to use digital technology to improve the inclusive modern financial system,and then create more diversified and convenient financial services and products,so as to improve the financing effectiveness of smes,guarantee the financing supply of smes,and promote the combination of industry and finance.Therefore,it is an important topic to explore the influence mechanism and mechanism of digital inclusive finance on smes’ innovation.This article from the theoretical exploration and empirical test the perspective of mutual authentication,adopts the combination of qualitative and quantitative method,selection of 2011-2020,our country small and medium-sized enterprise board and gem listed company public data,and match pratt &whitney financial index of province level data,explore pratt &whitney financial impact on small and medium-sized enterprise innovation mechanism and the mechanism.The main research contents include: first,define the concepts related to digital inclusive finance,small and medium-sized enterprises and enterprise innovation;Secondly,it analyzes the development status of digital inclusive finance and the innovation status of smes.Thirdly,the direct mechanism and channel mechanism of digital inclusive finance affecting smes’ innovation are theoretically analyzed.Fourthly,fixed effect model and intermediate effect model are constructed to verify the mechanism and mechanism.Fifth,the innovation-driven effects of digital inclusive finance are empirically analyzed from four dimensions: industry,region,regional financial development level and institutional environment.Through theoretical analysis and empirical test,this paper draws the following conclusions: first,digital financial inclusion has a significant positive impact on smes’ innovation,and the use depth and coverage of secondary indicators also show a promoting effect;Second,digital inclusive finance improves enterprises’ innovation ability by alleviating financing constraints,that is,financing constraints play an intermediary role in driving smes’ innovation.Third,compared with non-high-tech smes,the impact of digital inclusive finance on innovation is more significant in high-tech smes;Fourth,compared with the eastern region,the impact of digital financial inclusion on innovation is more significant in the middle and western smes;Fifthly,compared with regions with high financial development level,smes in regions with low financial development level are more driven by digital inclusive finance innovation,indicating that smes can effectively complement the regional mismatch of traditional finance.Sixth,compared with the poor institutional environment,when smes are in a good institutional environment,digital inclusive finance can play a more innovation-driven role.Based on the research conclusions,this paper puts forward corresponding policy suggestions from the perspectives of smes,financial institutions and the government.