Research On The Impact Of Digital Finance On The Value Of Small And Medium-sized High-tech Enterprises

The "14th Five-Year Plan" clearly points out that innovation is the key to promote development.In the era of digital economy,high-tech enterprises have a unique mission to lead and surpass technology,especially small and medium-sized high-tech enterprises,which have achieved more than 70% of technological innovation and made great contributions.The development of digital finance has direct and indirect effects on the value enhancement of small and medium-sized high-tech enterprises.Firstly,digital finance can improve the financial ecology,enrich financial services and products,and effectively improve the efficiency of financial services.Secondly,digital finance can effectively solve the problem of capital supply on the one hand,financial institutions rely on digital technology to build a network platform,gather social idle funds and establish a capital supply database;on the other hand,it can effectively alleviate the constraint of financing demand,small and medium-sized high-tech enterprises need to continuously invest in innovation and research and development,generating huge financing demand,while digital finance can precisely reach financial resources to enterprises,reducing On the other hand,it can effectively alleviate the constraints of financing demand.Therefore,through the effective use of digital finance,small and medium-sized high-tech enterprises can better adjust their industrial structure,accelerate the pace of innovation,improve the conversion rate of core technology R&D results,further expand their competitive advantages in the market,enhance their comprehensive strength,improve their corporate value,and lay a solid foundation for their long-term stable development.Combining financial development theory,information asymmetry theory,transaction cost theory and long tail theory,this paper takes high-tech enterprises listed in SME and GEM during 2011-2021 as research objects,matches digital finance indices,constructs mediating effect model,moderating effect model and fixed effect model to empirically analyze the impact of digital finance on the value of small and mediumsized high-tech enterprises,and conducts robustness The robustness test is conducted to ensure the credibility of the results.The empirical study finds that: first,digital finance has a facilitating effect on the value of small and medium-sized high-tech enterprises,and the better the development of digital finance,the more beneficial it is to the value of small and medium-sized high-tech enterprises.Second,there is a mediating role of financing constraints,i.e.,the development of digital finance can effectively alleviate the financing constraints of small and medium-sized high-tech enterprises,thus enhancing the value of enterprises.Third,corporate innovation plays a positive moderating role in the value enhancement of small and medium-sized hightech enterprises by digital finance.Fourth,compared with state-owned small and medium-sized high-tech enterprises,the development of digital finance has a more significant role in promoting the value and technological innovation of non-state-owned enterprises.Based on the research findings,recommendations are made in terms of establishing and improving the external financing environment and improving the internal management of enterprises.Strengthen digital financial innovation and open up digital financial service channels;increase financial support and optimize the policy support system environment;continue to deepen financial reform and improve the construction of the capital market system.Improve the financing system and strengthen internal control;standardize operation and management to enhance the value of the company;pay attention to its own development and comply with the digital financial era.