Research on the influence mechanism and regional heterogeneity of digital finance on enterprise innovation : —Empirical analysis based on private enterprises on GEM

As a new financial service model, digital finance has an important impact on the development of the real economy. Based on the data of GEM private enterprises from 2013 to 2018 as samples, this paper examines the relationship between digital financial inclusion and private enterprise innovation from the perspective of influence path and regional heterogeneity. The results show that digital finance can promote the innovation of private enterprises, and the conclusion is still valid after controlling endogenous and replacing variable indicators. Further research finds that digital finance can promote the innovative development of private enterprises on the GEM by alleviating the financing constraints. In addition, the influence of digital finance on the innovation of private enterprises has significant regional heterogeneity, and the promoting effect is stronger in the developed eastern regions. This study enriches the relevant research on the impact of digital finance on enterprise innovation, and concludes that the government should increase its support for private enterprises, establish and improve the risk control mechanism of digital finance, and coordinate the regional development of digital finance.