Research On The Influence Of Financial Science And Technology On The Innovation Of Small And Medium-sized Enterprises

At present,with the rapid development of information technology,the progress of science and technology has also had a great impact on the financial environment,financial technology came into being,and the application of financial science and technology has a profound impact on the operation mode of the financial market and the business model of enterprises.improve the operational efficiency of the market.On the other hand,after China’s reform and opening up,small and medium-sized enterprises have increasingly become a new force in China’s economic growth and an important part of China’s socialist market economy,making irreplaceable contributions to labor and employment.under the background of the new normal economy,enterprise innovation has become a powerful means for small and medium-sized enterprises to adapt to the new environment and enhance the competitiveness of enterprises.First of all,this paper combs the relevant literature on financial technology,enterprise innovation and the impact of financial technology on enterprises,and makes a theoretical and empirical study on the relationship between financial technology and the innovation of small and medium-sized enterprises on the basis of existing research.In the aspect of theoretical research,based on the relevant basic theories,starting from the characteristics of financial science and technology,such as reducing information asymmetry and expanding the scope of financial services,this paper makes a theoretical analysis on the impact of financial science and technology on the innovation of small and medium-sized enterprises.and put forward the research hypothesis: financial technology can promote the innovation of small and medium-sized enterprises.Then,starting from the theory,taking financing constraints and financial management costs as a starting point,this paper analyzes the channel mechanism of the impact of financial technology on the innovation of small and medium-sized enterprises,and puts forward relevant research hypotheses.In the aspect of empirical research,this paper selects the financial data of A-share small and medium-sized board listed companies from 2011 to 2019,and processes the data,based on which the enterprise innovation index is constructed.With reference to the existing research,this paper uses the "text mining method" to construct the financial science and technology-related keyword database,calculates the Baidu search index word frequency,uses the principal component analysis method to determine the weight,and calculates the financial technology index to measure the development level of regional financial technology.The empirical results show that the development of financial technology can significantly promote the innovation of small and medium-sized enterprises,and it can promote the innovation of small and medium-sized enterprises by reducing financing constraints and financial management costs.The further research results of enterprise financialization can be concluded that financial technology will promote the unreality of small and medium-sized enterprises to a certain extent,and will have a negative impact on the development of small and medium-sized enterprises.According to the research results,this paper puts forward some suggestions,such as promoting the deep integration of finance and science and technology,improving the resource allocation ability of financial science and technology to small and medium-sized enterprises,establishing and perfecting the supervision system and system of financial science and technology,and making rational use of financial science and technology resources.