Digital finance,as a deep integration of technology and finance,has an important impact on enterprise innovation and high-quality economic development.Based on the data of China's A-share listed companies in Shanghai and Shenzhen from 2011 to 2020,this paper analyzes the impact of digital finance on technological inno-vation by taking the financial activities of enterprises as the exploration mechanism.It is found that digital finance can drive technological innovation by easing corporate equity financing constraints,improving corporate investment levels,and reducing the crowding-out effect of working capital.Further analysis shows that the better the financial development level is,the more significant the positive impact of digital finance on technological innovation is.In the context of digital finance,technological innovation drives enterprise management innovation,promotes enterprise value,and plays a positive role in promoting high-quality economic development.
关键词
数字金融/金融活动/技术创新/管理创新/价值提升
Key words
digital finance/financial activities/technological innovation/management innovation/value enhance-ment
万方数据