Digital inclusive finance and the innovation-driven effect of technology business incubators: Based on a negative binomial model

This study explores the impact of digital inclusive finance (DIF) on the innovation development of technology business incubators (TBIs) in China, offering insights for global innovation-driven development strategies. Using an unbalanced panel dataset of 1332 national-level TBIs from 2011 to 2021, the study employs a negative binomial regression model to evaluate the effect of DIF on the innovation-driven capacity of incubators. The findings reveal that DIF significantly enhances the innovation output of incubated firms by alleviating their financial constraints as a mediating mechanism. Meanwhile, the enterprise innovation network negatively moderates this effect, indicating that the promoting role of DIF is more pronounced when the innovation network is weak. Furthermore, heterogeneity analysis shows that the innovation effect of DIF is context-dependent, being particularly notable in incubators located in the central region and within high-tech zones. These results highlight the crucial role of DIF in optimizing resource allocation and empowering innovation actors, providing empirical evidence and policy guidance for improving science and technology innovation policies and promoting regional coordinated development.