The Impact of Bank Digital Transformation on Indepen-dent Innovation of Small and Micro Enterprises:A Dis-cussion on the Synergistic Effect between Digital Finance and Bank Digital Transformation
Bank digital transformation has improved the quality and efficiency of financial service.Whether this wide change can alleviate the financial constraints of the real economy and help small and micro enterprises(SMEs)improve independent innova-tion is still a question.This paper constructs a theoretical model to characterize the impact of bank digital transformation on credit for SMEs,and then empirically tests the impact and mechanism of bank digital transformation on independent innovation of SMEs,as well as analyzes the synergistic effect between digital finance and bank digital transformation accordingly.With the advantage of python technology,the paper obtains more than 180,000 news texts related to commercial bank reports and innovatively constructs the digital transformation index of banks at the city level.By matching the data of the Small and Micro Enterprise Survey(CMES)and the bank digital transformation index,we come to the conclusion that,bank digital transformation has a significant positive impact on the independent innovation of SMEs,mainly through mediation effect of alleviating financial constraints.Further research found that there is a synergistic effect between bank digital transformation and dig-ital finance in driving independent innovation of SMEs.The higher the level of digital finance,the stronger the innovation-driven effect of bank digital transformation.Moreover,the heterogeneity analysis of institutional environment divided into property rights protection,industry-research integration,and policy environment reveals that in regions with better intellectual property protection environment,higher social platform collaboration degree,and lower economic policy uncertainty,the driving effect is more significant.The inno-vation of SMEs is closely related to enterprise competition,sustain-able development,as well as economic growth.This study provides supporting evidence for empowering the bank's digital transfor-mation strategy,and offers solutions for addressing the financing difficulties of the real economy,driving independent innovation of SMEs,as well as promoting high-quality economic development.
Bank Digital TransformationSmall and Micro en-terpriseIndependent InnovationDigital FinanceFinancial Con-straints
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