An empirical study on the effect of digital Finance on scientific and technological innovation of enterprises

Xi Zhang

doi:10.62051/44x0w771

Authors

Xi Zhang

DOI:

https://doi.org/10.62051/44x0w771

Keywords:

Digital finance, Technological innovation, financing constraints, masking effect.

Abstract

Using the data of A-share listed companies in Henan Province from 2016 to 2020 and the digital inclusive financial index of Peking University, this paper empirically tests the impact of the development of digital finance in Henan Province on the scientific and technological innovation ability of enterprises. The study found that the development of digital finance helps to improve the scientific and technological innovation ability of listed enterprises in Henan Province. At the same time, financing constraints, as an intermediary variable, mask the impact of digital Finance on scientific and technological innovation of enterprises. Digital finance can more significantly affect the scientific and technological innovation ability of listed enterprises with greater financing constraints.The purpose of this study is to explore how word finance indirectly promotes the improvement of scientific and technological innovation ability of enterprises by alleviating financing constraints and other channels, and to clarify the intermediary role of financing constraints in it. At the same time, this study focuses on this specific region of Henan Province, combines its economic development characteristics and the development status of digital finance, and fills the gap in the research on the impact of digital Finance on scientific and technological innovation at the regional level. By refining the analysis to the provincial level, we can more accurately reveal the regional effect of digital finance.

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