Digital Finance,Fiscal Subsidies,and Enterprise Innovation Behavior——An Analysis of Differentiated Driving Effects Under the New Development Philosophy
Leading high-quality development through innovation not only strengthens the dominant position of enterprises in innovation,but also optimizes their internal structure and promote the close inte-gration of innovative behavior and new development philosophy.Using the panel data of Chinese listed companies,this paper focuses on the impact of digital finance on enterprises'innovation behavior and its heterogeneous characteristics under the new development concept,and considers the moderating role of fis-cal subsidies.The results show that digital finance has a"structural"driving effect on enterprise innovation behavior;From the perspective of mechanism,digital finance drives enterprise innovation by enabling"en-dogenous accumulation"and"exogenous financing",reduces internal bad debt risk and agency cost,and improves external financing environment as the corresponding transmission path.In particular,digital fi-nance can alleviate the structural problems of the divergence between traditional financial services and new development philosophy,which is conducive to high-tech,environmentally friendly,export-oriented,private and small and medium-sized enterprises to obtain more innovation driving force,and realize the or-ganic combination of innovation driving and implementing the new development concept.In addition,fi-nancial subsidies can not only strengthen the innovation-driven effect of digital finance,but also facilitate the in-depth implementation of the new development concept,which can better play the leading role of the innovation-driven effect of digital finance on high-quality development.The research provides useful en-lightenment for promoting innovation-driven and high-quality development under the background of finan-cial digital transformation.
Digital financeFiscal subsidiesEnterprise innovation behaviorHigh-quality devel-opmentNew development philosophy
万方数据
