Digital Credit and Technological Innovation in Enterprises

This paper utilizes the technical innovation data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, along with credit data compiled by Peking University. It further analyzes the relationship between digital credit and enterprise technological innovation based on these comprehensive datasets. The study reveals that digital credit serves as a pivotal driver in promoting technological innovation within enterprises. This conclusion still holds after robustness tests. Mechanism analysis indicates that digital credit can indirectly promote enterprise technological innovation by reducing firms' financing constraints and lowering their financing costs. The development of digital credit can effectively correct the issues of different enterprise life cycles and industry disparities that exist in traditional finance. Additionally, this article incorporates financial supervision variables in further research. The research further finds that financial supervision can significantly enhance the innovative drive of digital credit on enterprises.