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The Digital Inclusive Finance and Enterprise Innovation: Evidence from A-share Market

In: Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022)

Author

Listed:
  • Bowen Liu

    (Zhangqiu Bilingual School, High School)

  • Xin Wen

    (Soochow University, Business School)

  • Yufan Zhang

    (University of Minnesota, College of Art)

  • Xiaomeng Zhong

    (Durham University, Business School)

Abstract

In China, the integration of digital technology and finance has gradually formed a digital supply mode of inclusive finance, which alleviates the financing limitations of small and medium-sized businesses to a certain extent and is significant for enterprise innovation activities that need financial support. Under the National Innovation-driven Development Strategy, it is particularly meaningful to evaluate whether digital inclusive finance can foster company innovation. This article empirically evaluates the impact of digital inclusive finance on firm innovation and development using data from all listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018 together with the city level digital inclusive finance index. The result shows how digital inclusive financing may support businesses’ innovative processes, and its role in promoting innovation differs among enterprises of different scales, but such heterogeneity effect can be absorbed by industry effect and time effect. The result of this paper sheds lights on the role of digital inclusive finance in improving enterprise performance by solving the financing dilemma of them, and according to the empirical results, this paper suggests that the support for digital inclusive finance should be further improved in order to promote the good and healthy development of the real economy, which refers to the part of a country’s economy that produces goods and services, rather than the part that consists of financial services such as banks and stock markets.

Suggested Citation

  • Bowen Liu & Xin Wen & Yufan Zhang & Xiaomeng Zhong, 2023. "The Digital Inclusive Finance and Enterprise Innovation: Evidence from A-share Market," Advances in Economics, Business and Management Research, in: Vilas Gaikar & Min Hou & Sikandar Ali Qalati (ed.), Proceedings of the 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022), pages 101-111, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-054-1_13
    DOI: 10.2991/978-94-6463-054-1_13
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    Cited by:

    1. Gu, Ning & Wang, Ye & Liu, Yu & Fu, Chengbo, 2025. "Does digital finance foster corporate innovation? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 88(C), pages 1502-1524.

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