Digital finance is a new financial form that results from the deep integration of digital technology and financial services,providing new momentum for the technological innovation of micro-enterprises.Taking A-share listed companies in China from 2011 to 2020 as the research sample,this paper focuses on the per-spective of information transparency and examines the impact of the informational attributes of digital finance on corporate technological innovation efficiency and its mechanisms.The study finds that digital finance can significantly promote corporate technological innovation efficiency,but the promotional effect of digital finance on corporate technological innovation efficiency is only evident in small and medium-sized enterprises and pri-vate enterprises,and not significant for large enterprises and state-owned enterprises.Digital finance drives corporate technological innovation efficiency through two pathways:improving information transparency and al-leviating financing constraints,with the resource effect playing a relatively larger role.Therefore,relevant in-stitutions need to build a good digital financial ecosystem to promote the coordinated development between dig-ital finance and corporate technological innovation.
digital financeinnovation efficiencyinformation transparencyfinancing constraints
NETL
NSTL
万方数据
