Research On The Impact Of Regional Fintech Development On Technological Innovation Of Small And Medium-sized Enterprises

With the continuous integration of emerging information technology and traditional financial industries,Fintech has gradually become a new driving force for global economic growth,which has attracted extensive attention from the academic community.Existing researches mainly focus on the development history,potential risks,regulatory measures and impact on traditional financial institutions of fintech,while there are relatively few articles on the impact of fintech on technological innovation of microenterprises.Based on the important position of the technological innovation capability of small and medium-sized enterprises(SMEs)in the current economic era,it is necessary to explore the relationship between the development of Fintech and technological innovation of SMEs from the perspective of technological innovation of SMEs.Based on the analysis of existing research,the development situation of Fintech and SMEs’ technological innovation and relevant theoretical basis,this paper formulates research hypotheses,establishes a comprehensive index of regional Fintech through "text mining",and uses patent and financial data from 2011 to 2020 of companies that were listed in GEM and SME board,to examine the impact of regional Fintech development level on technological innovation of SMEs from a micro level.The research found that:(1)The development of regional Fintech has significantly improved the technological innovation input and output level of SMEs,and compared with innovation input,Fintech has a greater driving effect on innovation output.(2)Fintech can promote the technological innovation of SMEs by easing the financing constraints of enterprises.(3)The results of heterogeneity analysis reveal that compared with state-owned,non-hightech,and SMEs in the eastern region,the role of fintech in promoting technological innovation of SMEs is more obvious in non-state-owned,high-tech,and SMEs in the central and western regions.(4)The strengthening of financial supervision has inhibited the driving effect of Fintech on innovation input of SMEs,but has a weak impact on technological innovation output.