| China is in a critical period of socio-economic transformation,and innovation ranks at the top of the new development concept and is at the core of the overall national development.Innovation has an important value that cannot be ignored in promoting the transformation of kinetic energy.As an important subject of innovation,enterprises in China play an irreplaceable role in boosting economic development,safeguarding and improving people’s livelihood,promoting technological innovation and increasing job opportunities,etc.With the increasing intensity of market competition,innovation has become one of the core strategic elements of enterprise development.R&D innovation is a sunken,irreversible,uncertain and time-consuming activity,and its sustainability requires sufficient capital and a high level of risk-taking.Digital finance,on the other hand,provides an efficient solution to the financing problems of enterprises during the innovation period.Based on the above development background,this paper uses digital finance index to measure the actual development of digital finance.After the preliminary discussion on enterprise innovation and digital finance,the corresponding financial risk indicators and financing constraint indicators are constructed to ensure that the relationship between the two can be empirically explored from a financial perspective.The two-way fixed effect model was selected as the basic model applied in the research process,and the two major effects of year and industry were emphatically considered during the research period.First of all,apply this model reasonably to explore the role of digital finance in enterprise innovation.At the same time,start from different measurement indicators of digital finance to deeply study its role in listed companies,and further verify the core assumptions proposed in this paper;then the mediating effects of financing constraints and financial risks are tested by using the stepwise regression method of mediating effects;finally,heterogeneity analysis is conducted by distinguishing the size of the firm,the nature of ownership,the industry in which it is located and the region.In the robustness section,to ensure that the obtained research results have certain scientific characteristics,this paper uses the instrumental variables method for endogeneity testing,replacement of explanatory variables,and replacing the explanatory variables and regression models used to implement the robustness experiment.This paper mainly obtains the following three conclusions: first,digital finance can significantly promote the level of enterprise innovation;Secondly,financial risks and financing constraints play an intermediary role in the process of promoting enterprise innovation level based on digital finance;third,digital finance is more effective in promoting innovation of SMEs,high-tech enterprises and private enterprises compared with large enterprises,non-high-tech enterprises and listed companies of state-owned nature.To make a long story short,at the macro level,financial institutions should strengthen digital finance comprehensively,while listed companies should take the initiative to seize the opportunities of the era of digital finance development,especially SMEs,high-tech enterprises and private enterprises,and pay special attention to the opportunities brought by digital technology to reduce financing costs and improve operational efficiency. |
