Research on the Impact of Different Stages of Digital Finance Development on Enterprise Innovation
Based on the sample of A-share listed companies in 2011-2021,this paper explores the heterogeneity of digital finance development driving enterprise innovation at different stages and the effect difference of its impact mechanism from the perspec-tive of three characteristics of digital finance:"inclusive","digital characteristics"and"financial nature".The empirical results show that digital finance has promoted enterprise innovation,and with the in-depth development of digital finance,the promotion effect is more obvious.Compared to the initial development of digital finance,the in-depth development of digital finance will further weaken corporate financing constraints,reduce the degree of financial mismatch,reasonably regulate the level of corpo-rate risk bearing,guide funds into the physical field,and thus drive the mechanism of enterprise innovation to have a more signifi-cant effect.In addition,digital finance is more conducive to promoting innovation among small and medium-sized enterprises,high-quality enterprises,and high-tech enterprises.
Digital financeEnterprise innovationFinancing constraintFinancial mismatchRisk bearing level
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