An Empirical Study On The Influence Mechanism Of Digital Finance On Enterprise Innovation

Finance is the "blood" of the sustained and healthy development of the national economy and can inject a steady stream of "capital flowing water" into enterprise innovation.In 2021,the Central Economic Work Conference proposed to guide financial institutions to support the real economy,especially to increase support for scientific and technological innovation of small,medium and micro enterprises.How financial services can help the innovation and development of the real economy more efficiently has long been highly concerned by the government and regulators.As a financial format that has developed rapidly in our country,digital finance combines a large amount of data accumulated on its Internet platform with big data technology,which greatly improves the information transparency between financial institutions and enterprises,also greatly improve the quality of financial service.With the help of the United Nations,the World Bank and other institutions,digital finance has been widely valued by the financial industry of various countries,and it has been clearly regarded as one of the key development areas,which has laid an empirical foundation for the research of this thesis.On the basis of criticizing and inheriting the research results of predecessors,this thesis focuses on analyzing whether corporate innovation is affected by the current rapid development of digital finance in China,and so on.The thesis selects the patent data of some Chinese enterprises,the economic data of some regions,and the data of some Ashare listed companies in the past 10 years,the Peking University’s digital finance index,and adopts the method of combining empirical test and status analysis to analyze how corporate innovation is affected by digital.At the same time,from the perspective,clarify the transmission mode and impact mechanism,distinguish enterprises with different property rights and different regions,and explore the differentiated characteristics of the incentive effect of digital financial innovation.After analysis and research,the conclusions are:First,financing constraints have an intermediary function.Second,by easing financing constraints,digital finance can boost corporate innovation.Third,in terms of the nature of different enterprises,the development of digital finance has a significant impact on the innovation of private enterprises,while it is not obvious enough for state-owned enterprises;in the test of differences in different regions,the eastern and central regions are more complete and stable due to their financial environment and system construction.Efficient,digital finance plays a role in stimulating innovation,which is not obvious in the western region.Based on conclusions,the recommendations are:First,vigorously develop digital finance,especially in second-and third-tier cities,to continuously expand the coverage of digital finance and strengthen its depth of use.Second,financial institutions should make full use of digital "windows" to continuously improve the efficiency of capital allocation and risk control.Third,the government should vigorously advocate digital financial innovation on the one hand,and gradually enrich regulatory measures and means on the other.Fourth,it is necessary to establish and improve digital finance laws and regulations to provide legal guarantees for the healthy development of digital finance.Fifth,for the enterprise itself,it is necessary to strengthen cash flow management and use funds scientifically.