运用2010—2021年间专精特新各公司的发明专利资料,探讨了数字普惠金融对企业创新的影响及其作用机制。研究表明,数字普惠金融对专精特新企业创新水平有显著正面影响。其特征包括拓宽融资途径、降低融资门槛以及提高融资效率。这表明数字普惠金融通过缓解企业融资方面的约束,对企业创新水平产生积极作用。进一步研究发现,相对于大型企业,数字普惠金融对于小型企业的创新水平的促进作用更加显著。这说明小型企业由于其经营风险较高,自我现金不足,使其所面临的融资约束困境更严峻。在对企业所有权进行分组为国有企业和民营企业后,同样发现面临融资约束更严重的民营企业,数字普惠金融对其创新水平的正向影响更明显。因此,建议应该大力推动数字普惠金融的发展,最大程度地缓解企业的融资约束,尤其是中小微企业和民营企业。

This paper uses the invention patent data of “ Special-elaborative-characteristic-innovative” ( SECI) companies from 2010 to 2021 to explore the impact of digital financial inclusion on enterprise innovation and its mechanism. The research shows that digital financial inclusion has a significant posi- tive impact on the innovation level of SECI companies. Its features include broadening financing chan- nels, lowering financing threshold and improving financing efficiency. This indicates that digital finan- cial inclusion has a positive effect on the level of enterprise innovation by easing the constraints on en- terprise financing. Further research found that, compared with large enterprises, digital inclusive finance plays a more significant role in promoting the innovation level of small enterprises. This shows that small enterprises are facing more severe financing constraints because of their high operational risk and lack of self-cash. After grouping the ownership of enterprises into state-owned enterprises and private enterprises, it is also found that the positive impact of digital inclusive finance on the innovation level of private enterprises facing more serious financing constraints is more obvious. Therefore, this paper sug- gests that we should vigorously promote the development of digital inclusive finance to alleviate the fi- nancing constraints of enterprises to the greatest extent, especially small and medium-sized enterprises and private enterprises.