数字普惠金融对中小企业技术创新的影响及传导路径研究

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Abstract 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 asymmetry.Further analysis shows that the degree of digitalization is more effective in promoting technological innovation in SMEs and that digital financial inclusion is more effective in promoting technological innovation of SMEs in non-eastern regions and“specialization and innovation”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 financial inclusion policy implementation in China.

Key words： Digital financial inclusion SME Technological innovation Information asymmetry Financing cost

Received: 10 April 2023

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F832.4

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	Articles by authors
	Hu Wei
	Zhang Kemeng
	Xu Zhiyong
	Yu Lang

Cite this article:

Hu Wei,Zhang Kemeng,Xu Zhiyong, et al. A Study on the Impact of Digital Financial Inclusion on Technological Innovation of SMEs and Its Transmission Path[J]. , 2024, 5(1): 27-37.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2024/V5/I1/27

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