Research on the Impact of Digital Finance on Technological Innovation of Small and Medium-sized Enterprises——Based on Financial Leverage Path
In order to explore the innovation-driven effect of digital finance on small and medium-sized en-terprises and its influencing mechanism,an empirical analysis was conducted based on the data of listed en-terprises on the New Third Board from 2012 to 2021.The results show that the development of digital fi-nance significantly supports the technological innovation of small and medium-sized enterprises.The mechanism test results confirm that digital finance can provide financial support for small and medium-sized enterprises'technological innovation activities by improving corporate financial leverage,and there is an inverted U-shaped relationship between financial leverage and corporate technological innovation.Het-erogeneity analysis results show that digital finance has a targeted effect to support the innovation and de-velopment of enterprises,and the innovation-driven effect is more significant for small enterprises and non-state-owned enterprises.
digital financesmall and medium-sized enterprises innovationfinancial leveragetargeted effects
国家科技期刊平台
NSTL
万方数据
