Details

Autor(en) / Beteiligte

• Yao, Lianying
• Yang, Xiaoli
• Du, Ning

Titel

Can digital finance boost SME innovation by easing financing constraints?: Evidence from Chinese GEM-listed companies

Ist Teil von

• PloS one, 2022-03, Vol.17 (3), p.e0264647-e0264647

Ort / Verlag

United States: Public Library of Science

Erscheinungsjahr

2022

Quelle

EZB Free E-Journals

Beschreibungen/Notizen

• This paper summarizes the transmission chain of "digital finance-financing constraint-firm innovation" at the theoretical and practical levels, incorporates digital finance into the empirical analysis framework of firm innovation, selects the data of Chinese GEM(Growth Enterprise Market)-listed companies from 2011 to 2020, and matches the data of the digital inclusive finance index. The paper empirically examines the incentive effect and impact mechanism of digital finance on SME innovation through the two-way fixed-effects model and mediated-effects model by matching the data of China GEM-listed companies from 2011 to 2020 with the digital financial inclusion index data. The findings show that the digital development and promotion of digital finance play a significantly positive impact in helping SMEs innovate and stimulate innovation. The effect is realized by alleviating corporate financing constraints. Further, digital finance has different incentive effects on enterprises with varying rights of property nature, as well as on other regions.