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How digital finance promotes technological innovation: Evidence from China

Author

Listed:
  • Li, Jiayi
  • Ye, Shujun
  • Zhang, Yujin

Abstract

This article confirms the direct positive effect of digital finance on technological innovation and explores its regional heterogeneity. It further demonstrates the mediation effect from the fund supply side and product demand side of innovation, proving that digital finance stimulates technological innovation by promoting R&D investment and consumer demand. However, it was found that the mediation role of technology credit was not established, suggesting that the financial institution credit for research funding does not significantly drive innovation, digital finance mainly encourages innovation by promoting the supply of non-financial funds.

Suggested Citation

  • Li, Jiayi & Ye, Shujun & Zhang, Yujin, 2023. "How digital finance promotes technological innovation: Evidence from China," Finance Research Letters, Elsevier, vol. 58(PA).
    • Handle: RePEc:eee:finlet:v:58:y:2023:i:pa:s1544612323006700
    DOI: 10.1016/j.frl.2023.104298
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    More about this item

    Keywords

    Digital finance; Technological innovation; R&D investment; Technology credit; Consumer demand;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies

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