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Keywords

digital finance, financing capacity, R&D investment, GEM

Abstract

This paper matches the provincial data of China's GEM listed companies and Peking University Digital Inclusive Finance Index from 2011 to 2020, studies its impact on enterprises' R&D investment from the perspective of financing capacity, and tests the role of digital finance between the two. The research finds that the improvement of financing capacity can significantly improve the level of R&D investment of enterprises, and digital finance can significantly promote the relationship between the two. After the vertical decomposition of digital financial indicators, the promotion effect is still significant. Further research shows that under the circumstances of non-state-owned enterprises,high degree of marketization, good internal governance quality and low degree of information asymmetry, the strengthening effect of digital finance is more obvious; Different sources of funds have different effects on R&D investment. Finally,suggestions are put forward from three aspects: optimizing enterprise financing structure,promoting financial service innovation and deepening digital financial supervision. The research conclusion is helpful for enterprises to take advantage of the development of digital finance and focus on enhancing their own financing ability to promote R&D investment. It has certain theoretical and practical significance for enterprises to achieve innovative connotative growth.

DOI

10.16315/j.stm.2022.06.007

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