Theoretical Research and Empirical Test on the Influence of China's Scientific and Technological Innovation on the Development of Digital Finance

Abstract

With the development of big data and Internet, digital finance has become an important development trend of the financial industry, and it has been widely concerned by the public. At present, China's scientific and technological innovation has initially determined its leading position, and many indicators are among the best, but we still need to pay attention to the problems in its development. This paper matches the provincial and municipal data of Peking University Digital inclusive finance from 2011 to 2013 with the panel data of 30 provinces and cities in China from 2011 to 2020, and empirically tests the influence of technological innovation on the development of digital finance by using the fixed effect model. The results show that, firstly, the internal expenditure of R&D funds and the number of patent applications accepted have a significant positive effect on the development of digital finance; Second, the sales revenue of new products and the number of patent applications granted have a significant obstacle to the development of digital finance, indicating that China still needs to invest more energy in scientific and technological innovation, thus promoting the development of digital finance; Thirdly, the heterogeneity analysis shows that the level of scientific and technological innovation in the western region is relatively backward compared with other regions, so it is more important to support the development of scientific and technological innovation in the western region and enhance the creative ability of new technologies, thus affecting the development of digital finance. This paper enriches the related research on the influence of scientific and technological innovation on digital finance, and provides theoretical basis and policy reference for it.