The Impact of Digital Inclusive Finance Development on Technological Innovation of Enterprises:An Empirical Study Based on Listed Manufacturing Companies
Enterprise innovation relies heavily on financial support,and digital inclusive finance offers a wide array of financial products and services crucial for technological advancements in enterprises.This paper utilizes the digital inclusive finance development index of prefecture-level cities in China from 2011 to 2020,alongside panel data from listed manufacturing enterprises,to construct a fixed time effect model which is to assess the impact of digital inclusive finance development on the technological innovation of manufacturing enterprises.The findings indicate:(1)Digital inclusive finance development positively stimulates technological innovation in manufacturing enterprises,with the breadth of coverage exerting a stronger incentive effect compared to depth of use and degree of digitization.(2)Digital inclusive finance influences technological innovation both in the R&D phase and during the marketization of enterprise outcomes.The former enhances technological innovation levels by alleviating financing constraints and financial resource mismatches,while the latter improves innovation levels by enhancing product marketization efficiency.(3)Furthermore,the impact of digital inclusive finance development on technological innovation varies by region,enterprise life cycle,and industry.It is more pronounced in promoting technological innovation among enterprises in central and western regions compared to the eastern region.Additionally,it has a stronger incentive effect on growth-stage enterprises than on mature and declining ones,and on the enterprises with intermediate technology compared to those with advanced technology,whereas the effect is not significant for those with low technology.
Digital Inclusive FinanceTechnological InnovationFinancing ConstraintsFinancial Mismatch
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