Research on the Impact Mechanism of Digital Inclusive Finance on Enterprise Technological Innovation

Based on the data of China's A-share listed companies from 2011 to 2022, this paper empirically analyzes the incentive effect and mechanism of digital inclusive finance on enterprise technological innovation. The results show that digital inclusive finance has a significant role in promoting corporate technological innovation, and the results are robust, and digital inclusive finance can promote corporate technological innovation by alleviating corporate financing constraints. Further analysis shows that value monopoly positively moderates the relationship between digital inclusive finance and enterprise technological innovation, while competition intensity negatively moderates the relationship between digital inclusive finance and enterprise technological innovation. The grouping test finds that the innovation incentive effect of digital inclusive finance is stronger for private enterprises and capital-intensive and technology-intensive enterprises. The research conclusions enrich the relevant research on the impact of digital inclusive finance on corporate innovation, and provide theoretical basis and policy reference for how the financial market can better serve the real economy.