Corporate Innovation Mechanisms in The Yangtze River Delta Catalyzed by Digital Finance: Research on The Impact of Financing Constraints and Corporate Digital Transformation

Wei Li; Hao Cheng

doi:10.54097/ttwjf337

Authors

Wei Li
Hao Cheng

DOI:

https://doi.org/10.54097/ttwjf337

Keywords:

digital finance; corporate innovation; intermediary effect; financing constraints; corporate digital transformation.

Abstract

Taking the data of Shanghai and Shenzhen A-share enterprises in 41 cities in the Yangtze River Delta (YRD) region from 2012 to 2022 as research samples, we constructed two-way stationary models, mediation models, and carried out research on the impact of digital finance on enterprise innovation in YRD. The results of full-sample regression show that digital finance has a positive role in promoting enterprise innovation, and all three sub-dimensions of digital finance have a significant role in promoting enterprise innovation. The results analysed through the mediation effect show that digital finance can promote the motivation of enterprise innovation by alleviating the financing constraints and providing more financing channels for enterprises, so that enterprises can have wider access to financing funds. By providing financing support, data analysis tools, cooperation platforms and technological innovation, digital finance effectively promotes the digital transformation of enterprises, which in turn promotes the innovative development of enterprises.

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