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Can digital finance promote the digital technology innovation of enterprises?

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  • Ning, Chia-Yang
  • Shun, HsienYu

Abstract

Based on the panel data of city-enterprise from 2011 to 2023, this paper empirically tests the influence of digital finance on enterprise digital technology innovation. The results show that: ① Digital finance can significantly promote enterprise digital technology innovation. Compared with the coverage of digital finance, the promotion effect of the depth of digital finance on digital technology innovation is more prominent. ② The influence of digital finance on digital technology innovation of enterprises of different scales is different. Compared with small and medium-sized enterprises, the promotion effect of digital finance on digital technology innovation of large-scale enterprises is obviously stronger. ③ The promotion effect of digital finance on digital technology innovation mainly comes from the easing of financing constraints and the decline of financing costs. ④ The digital finance not only promotes local digital technology innovation, but also shows significant spatial spillover effect on digital technology innovation in surrounding areas. ⑤ Further discussion shows that, with the improvement of digital finance level, the promotion effect of digital finance on digital technology innovation tends to strengthen. Meanwhile, the traditional financial endowment and financial supervision have a significant and positive regulatory effect on the digital finance and the promotion of digital technology innovation.

Suggested Citation

  • Ning, Chia-Yang & Shun, HsienYu, 2025. "Can digital finance promote the digital technology innovation of enterprises?," Finance Research Letters, Elsevier, vol. 86(PC).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pc:s1544612325018094
    DOI: 10.1016/j.frl.2025.108555
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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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