| High quality development is the primary task of comprehensively building a socialist modernized country.Not only should the country achieve high-quality development,but enterprises should also continuously promote their own high-quality development and promote the improvement of total factor productivity.In addition,the innovation driven development strategy places technological innovation at an important position,which is not only conducive to the upgrading of the country’s economic development mode,but also conducive to the technological progress and competitiveness enhancement of enterprises.Technological small and medium-sized enterprises rely on technological innovation to promote production and business activities.However,due to the risks and uncertainties inherent in research and development activities,technological small and medium-sized enterprises face more severe financing constraints than ordinary small and medium-sized enterprises,which will hinder the high-quality development of technological small and medium-sized enterprises.Digital inclusive finance can rely on the empowerment of digital technology,alleviate information asymmetry,and effectively solve financing constraints by expanding financing channels,making enterprises more dynamic in production and operation,helping them carry out technological innovation activities,improve technological innovation levels,and achieve high-quality development.Therefore,for technology-based small and medium-sized enterprises,it is of great significance to study how to improve their total factor productivity from the perspective of digital inclusive finance development.Based on literature review and relevant theoretical analysis,this article takes 276technology-based small and medium-sized enterprises listed on the Chi Next from 2012 to 2021 as a sample,and uses a bidirectional fixed effect model of year and industry to analyze the relationship between digital inclusive finance and total factor productivity of technology-based small and medium-sized enterprises.Furthermore,it explores the role of technological innovation in the impact process of digital inclusive finance.The research conclusions are as follows: Firstly,digital inclusive finance has a significant promoting effect on the improvement of total factor productivity of technology-based small and medium-sized enterprises;Secondly,digital inclusive finance can improve the total factor productivity of technology-based small and medium-sized enterprises by enhancing their technological innovation capabilities;Thirdly,there is significant regional and property heterogeneity in the impact of digital inclusive finance,with a more significant impact on enterprises and state-owned enterprises in the eastern region.Based on this,this article proposes the following policy recommendations: firstly,the government should continue to promote the development of digital inclusive finance in China by improving financial infrastructure construction,issuing financial preferential policies,and paying attention to strengthening financial supervision,and implementing differentiated policies based on regional economic levels to promote the common development of enterprises in different regions and ownership;Secondly,technology-based small and medium-sized enterprises should make reasonable use of digital inclusive financial resources to improve the availability of funds,and continue to promote technological innovation and strengthen their internal fund management capabilities;Thirdly,financial institutions should respond to national policies,form long-term cooperation with enterprises,improve relevant credit rating mechanisms,and provide stable financial support for the high-quality development of enterprises. |
