The Impact Of Digital Inclusive Finance On Innovation Of Small And Medium-sized Enterprise

The economy of our country is currently in transition phase.The high quality development is the target that our economic development pursues.To achieve this goal,we need to enhance the innovation ability of enterprises.Small and medium-sized enterprises development plays an important role in our national economy,which has become the main body of innovation because of its long tail characteristic,large number and small scale.However,innovation activities are characterized by high risks and long-term nature,which require enterprises to be in a stable economic environment and financing environment.However,smes are faced with financing difficulties due to the misallocation of financial resources and other reasons,thus reducing the input and output of innovation.Digital inclusive finance can use big data and other technologies to capture and match industry and enterprise information to reduce information asymmetry.In addition,enterprises can be accurately supported through innovative financial products and financial service platforms to achieve efficient allocation of financial resources,so as to reduce innovation input and output caused by lack of financial resources in the traditional financial system.Therefore,at present,when inclusive finance is widely applied and promoted,it is necessary to study the relationship between digital inclusive finance and innovation of small and medium-sized enterprises and clarify its influencing factors to understand the service degree of digital inclusive finance to the real economy.Based on the above purposes,this paper collates domestic and foreign studies on digital inclusive finance,smes innovation,financial mismatch and their correlation,and describes the current status of smes innovation and the development of digital inclusive finance.Based on the literature and current situation description,the internal relationship between digital inclusive finance and SME innovation is analyzed.In this paper,13421 observed values were obtained by using the data of listed enterprises on the New Third Board from 2011 to 2017,and the development level of digital inclusive finance was measured by using Peking University Digital inclusive Finance Index.In terms of measuring enterprise innovation ability,enterprise patents were selected based on the characteristics of long cycle,high risk and low productivity of innovation.And through the financial mismatch to build the influence channel,do further analysis.This paper uses the intermediary effect model to empirically study the influence of inclusive finance on the innovation of Chinese small and medium-sized enterprises.On this basis,according to different industrial attributes,different institutional environment,the heterogeneity of each sample was tested.The empirical results of this paper show that:(1)the development of digital inclusive finance has an obvious promoting effect on the innovation investment of Chinese smes,and the various dimensions of inclusive finance have a certain impact on the realization of its effect;(2)Financial mismatch plays a partial intermediary role;(3)Digital inclusive finance plays a moderating role in financial mismatch and innovation of smes,which can significantly inhibit financial mismatch and promote innovation of smes;(4)Compared with state-owned enterprises,inclusive finance can better improve the innovation ability of non-state-owned smes,alleviate their imbalance in financial resources,improve their efficiency of capital allocation,and promote the innovation of enterprises;(5)There are differences in the incentive effect of digital financial inclusion on smes in different regions.The incentive effect of innovation of smes in eastern regions with better financial development is lower than that in central and western regions with lower degree of digital financialization.Finally,based on the results of the empirical research,this paper puts forward corresponding policy opinions on the development of digital inclusive finance.The government should make policies according to local conditions,and can also accurately support non-state-owned enterprises by introducing policies.At the same time,the government should pay attention to the health of digital finance and strengthen financial supervision.