The Development of Digital Finance and the Innovation Investment of SRUI SMEs——Empirical Evidence from SRUI SMEs Listed on the Shanghai and Shenzhen A-shares in China
The Development of Digital Finance and the Innovation Investment of SRUI SMEs——Empirical Evidence from SRUI SMEs Listed on the Shanghai and Shenzhen A-shares in China
We Used the data of SRUI SMEs listed on the Shanghai and Shenzhen A-shares from 2016 to 2021 to analyze the impact of digital finance development on innovation investment and its underlying mechanisms.The study found that the development of digital finance can significantly promote the innovation investment of SRUI SMEs,and this conclusion remained valid after a series of robustness tests.Furthermore,the promotion effect of the breadth development of digital finance on the innovation investment of SRUI SMEs has been steadily established o-ver a long time series.Heterogeneity analysis shows that the development of digital finance has a more significant promoting effect on the innovation investment of non-state-owned enterprises.Mechanism analysis shows that the development of digital finance can effectively alleviate the financing constraints of SRUI SMEs,but digital finance can only promote innovation investment by helping SRUI SMEs deleverage and stabilize financial risks.
关键词
数字经济/数字金融/"专精特新"企业/创新投入/数字化转型
Key words
Digital economy/Digital finance/SRUI SMEs/Innovation investment/Digital Transformation
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