Research On The Impact Of Digital Finance On Enterprise Technological Innovation

Technological progress is a solid guarantee for achieving stable economic growth,it is crucial to stimulate the technological innovation vitality of micro market players to successfully implement the innovation driven strategy.Digital finance enabled by a series of digital technologies such as big data and artificial intelligence.It has a profound impact on promoting enterprise technological innovation and improving the quality of economic development.Therefore,studying the impact of digital finance on enterprise technological innovation has huge practical significance in guiding financial development to serve the real economy.This thesis includes Shanghai and Shenzhen A-share listed enterprises from 2011 to 2020 as the research object,takes the Peking University Digital Inclusive Finance Index as the measurement indicator of the development level of digital finance,and the logarithm of enterprise R&D investment to measure enterprise technology innovation.It uses the two-way fixed effect model to explore the impact of digital finance on enterprise technology innovation,and analyzes the channels of digital finance affecting enterprise technology innovation.The research results show that,digital finance has a significant positive role in promoting enterprise technology innovation.The intermediary effect test on the channels of digital inclusive finance affecting enterprise technology innovation provide the development of digital finance can promote enterprise technology innovation by easing enterprise financing constraints,mitigating financial mismatch and reducing financial risks.Based on the research results,there are three different aspects following recommendations:the government should strengthen the promotion and supervision construction system of digital inclusive finance to improve the popularity and efficiency of financial services;financial institutions should accelerate digital transformation and build a multi-dimensional credit evaluation system to meet the needs of enterprises or innovative projects with different characteristics.Financial institutions should also actively create new financial products to support diversified innovation channels of enterprises and help them carry out technological innovation;enterprises must improve their own management efficiency,standardize credit system construction,etc.,take the advantages of digital technology to promote their own transformation and upgrading,enhance their independent innovation capability,improve their core and market competitiveness.