A Study on the Impact of Digital Financial Inclusion on Technological Innovation of SMEs and Its Transmission Path
Digital financial inclusion is of great significance in promoting the technological innovation of SMEs,thereby enhancing high-quality economic development in China.Based on panel data of enterprises listed on the NEEQ from 2016 to 2020,this paper examines the impact of digital financial inclusion on the technological innovation of SMEs and its transmission paths using the fixed-effect model and the intermediary effect method.The results show that digital financial inclusion can significantly promote the technological innovation of SMEs and the findings are robust,which is made possible by two paths,reducing corporate financing costs and information asymme-try.Further analysis shows that the degree of digitalization is more effective in promoting technological innovation in SMEs and that digit-al financial inclusion is more effective in promoting technological innovation of SMEs in non-eastern regions and"specialization and inno-vation"SMEs.This paper extends the study of the transmission paths and heterogeneity analysis of the impact of digital financial inclusion on SMEs'technological innovation and provides an important basis for further improving the precision and effectiveness of digital finan-cial inclusion policy implementation in China.
Digital financial inclusionSMETechnological innovationInformation asymmetryFinancing cost
NETL
NSTL
万方数据
维普
