Research On The Impact Of Digital Finance On Enterprise Technological Innovation From The Perspective Of Stock Price Information Content

Technological innovation is a necessary path for China to achieve high-quality development and build a new development pattern.As the main body of technological innovation,enterprises’ technological innovation is an activity with high input cost,long periodicity and high risk,which has strong uncertainty and needs stable financial resources as guarantee.The capital market guides the rational allocation of resources through the signaling mechanism of share price.The premise of share price to optimize resource allocation is to better reflect the intrinsic value of enterprises,which requires investors to continuously search,process and correlate information reflecting the intrinsic value characteristics of enterprises and incorporate them into the share price through transactions.Digital finance can not only reduce processing costs and improve processing efficiency,but also accelerate the transmission and dissemination of information,alleviate the degree of information asymmetry,facilitate the introduction of more information into the market,increase the richness of market information,and facilitate the rational allocation of market resources by increasing the information content of share prices.Based on this,this paper systematically explores the impact of digital finance on corporate technological innovation from the perspective of share price information content.This paper selects data of A-share non-financial listed companies from 2011-2021 to match with Peking University’s digital finance index to obtain a sample data set,and applies a two-way fixed-effects model controlling for industry and time to explore the impact of digital finance on enterprise technology innovation;further,to explore what impact share price information content has in the relationship between digital finance and enterprise technology innovation,the Further,to investigate the effect of share price information content on the relationship between digital finance and corporate technology innovation,listed companies are divided into three groups according to the average share price information content,and Fisher’s combination test is conducted on the regression coefficients of digital finance and corporate technology innovation in the high and low share price information content groups;this leads to a key question: how does share price information content play a role in the relationship between digital finance and corporate technology innovation? On this basis,based on the fact that share price information content is also influenced by external monitors(investors,analysts,media,etc.),a heterogeneity analysis is conducted to explore the heterogeneity of the impact of digital finance on corporate technology innovation from the perspective of different external monitors.The results of the empirical analysis show that(1)digital finance plays an important role in promoting corporate technological innovation,and this impact is long-lasting.(2)The higher the information content of stock prices,the stronger the role of digital finance in promoting corporate technological innovation.(3)Digital finance can promote corporate technological innovation by improving the quality of corporate information disclosure and corporate transparency and increasing the information content of share prices.Based on the research results,this paper makes the following recommendations:(1)Increase the supply of digital infrastructure.(2)Strengthen efforts to train professional talents for analysts and institutional investors.(3)Optimize digital financial services and enhance the intensity of digital financial regulation.