Research on the Relationship among Digital Finance,Financing Constraints,and Technological Innovation in Small and Micro Enterprises——Empirical evidence from companies listed on the new"third board"
Digital finance has evolved into a new form of the financial sector and has a significant impact on technological innovation in small and micro enterprises.This paper uses the Digital Inclusive Finance Index compiled by Peking University and combines data from small and micro enterprises listed on the"New Third Board"from 2012 to 2021 to systematically study the impact mechanisms of digital finance on technological innovation in small and micro enterprises and its regional hetero-geneity.The study finds that:(1)Digital finance significantly promotes technological innovation in small and micro enterprises;(2)Digital finance facilitates technological innovation in small and micro enterprises by alleviating their financing constraints;(3)Compared to the economically developed eastern regions,the role of digital finance in promoting technological innovation in small and micro enterprises is more pronounced and significant in the less economically developed central and western regions.Based on these conclusions,it is recommended to vigorously develop digital finance,continuously expand the coverage and depth of use of digital finance;Fully utilize the advantages of digital finance to comprehensively alleviate the financing con-straints of small and micro enterprises;Adopt tailored and classified policies to continuously optimize the precision and regional coordination of policies promoting technological innovation in small and micro enterprises.
digital financesmall and micro enterprisestechnological innovationfinancing constraints
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