Research On The Influence Of Digital Finance On Technological Innovation Of Listed Enterprises

Currently,economic development is facing many challenges,such as downward pressure,lack of capacity and structural damage caused by many internal and external factors such as the new pneumonia epidemic and the turbulent period of international changes,while innovation is an important driver for the sustainable development of our economy.As an subject of innovation,the innovation capacity of enterprises is an important guarantee of stable domestic economic growth,but the innovation projects of Chinese enterprises require high R&D funds and the output is "large in quantity but not in quality",The present deficiency in technological innovation of Chinese enterprises is closely related to the unbalanced and inadequate development of the financial system.The rapid growth of emerging digital technologies has given rise to a new model of financial inclusion-digital finance.This digital evolution is an important driver for the informatization of the financial market and a technical means to promote the development of inclusive finance,which is essential for improving the level of innovation of enterprises.Based on the combing of relevant theories,influence mechanisms and the role of digital financial core technology on enterprise technological innovation,this paper puts forward relevant research hypotheses,selects the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020 as the sample interval,and adopts a two-way fixed effects model to empirically study the sample data.First,the impact of the total digital financial index and their three dimensions on firm technological innovation is examined,and robustness tests are conducted using methods such as endogeneity estimation;second,the mediating effect is examined with firm digital transformation and corporate governance efficiency as mediating variables;Finally,a heterogeneous regression analysis will be performed for region,firm life cycle,and firm ownership.The empirical analysis reveals that: first,digital finance has a facilitating effect on the innovation output of listed enterprises,and its three dimensions have a facilitating effect on the innovation output of enterprises;Second,digital finance promotes the digital transformation of enterprises,improves the efficiency of their internal governance,which in turn contributes to their innovation activities;third,after clustered regression,the results show that the innovation effect of digital finance is more obvious in the central and eastern economic regions,growth-oriented enterprises and state-owned enterprises.The research in this article helps digital finance provide financial support for enterprise innovation activities in a more efficient manner,and also provides new ideas for precise decision-making and optimal development of digital finance.The following are four policy recommendations based on the research findings: first,Accelerate the deep mergence of digital finance underlying technology and finance;second,It is necessary to coordinate the balanced development of digital finance and the all-round development of all dimensions;third,Enterprises are accelerating the pace of digital transformation and encouraging them to strengthen cooperation with financial technology companies;fourth,Strengthen the supervision of digital finance and improve corresponding laws and systems.