Research on the Mechanism of Empowering Innovation in High-Tech Industries through Digital Finance:Based on the Perspective of Technology Diffusion and Capital Financing
High-tech industrial innovation is an important engine of Chinese path to modernization.However,innovation in high-tech industries always faces the dilemma of imbalanced financial resource empowerment,but digital finance provides an important opportunity to solve this dilemma.Based on the perspective of technology diffusion and capital financing,this paper empirically examines the effect and mechanism of digital finance enabling high-tech in-dustry innovation by using the high-tech industry data from 30 provinces in China in 2011-2021.The results show that digital finance can empower the innovative development of high-tech industries,while there are differences in the empowerment validity of the sub dimensions of digital finance,manifested as"depth of use＞breadth of coverage＞de-gree of digitization".At the same time,digital finance empowers innovation in high-tech industries with heteroge-neous characteristics such as investment sources,enterprise size,geographic regions and market segmentation.Mecha-nism testing found that digital finance empowers the innovative development of high-tech industries through the technology diffusion mechanism of R&D factor flow and technology introduction as well as the funding financing mechanism of"industry-government"and"industry-market".Further research shows that with the development of R&D intensity,non-R&D intensity,government-market relations and traditional financial supply,the marginal utility of digital finance empowering high-tech industry innovation performance is increasing.
Digital FinanceInnovation in High-Tech IndustriesTechnology DiffusionCapital Financing
NETL
NSTL
万方数据
