Digital Inclusive Finance and Private Enterprises Innovation
Taking private listed companies in Shanghai and Shenzhen from 2011 to 2018 as research samples,this paper examines the impact of digital financial inclusion on the innovation of private enterpri-ses.It has been found that digital inclusive finance significantly promotes the innovation of private enterpri-ses,and the three sub-indicators of digital inclusive finance coverage,use depth and digital support service degree are significantly positively correlated with the innovation output of enterprises.Further research shows that digital inclusive finance has sequencing effect and scale effect on innovation output of private enterpri-ses.Specifically,the impact of digital financial inclusion on the innovation output of high-productivity and small-scale private enterprises is more obvious.The results of the mechanism test show that digital finan-cial inclusion promotes innovation output by reducing the financing cost of enterprises.Therefore,establis-hing the development strategy of digital inclusive finance and giving play to the"universal"and"benefi-cial"characteristics of inclusive finance will help optimize the business environment for private enterprises and promote the innovation and development of private enterprises.
digital inclusive financeinnovation outputprivate enterprisesfinancing cost
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