Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies

Abstract

Deepening the development of digital inclusive finance, dredging the impact of digital inclusive finance on the innovation path of small and medium-sized enterprises (SMEs), and strengthening financial supervision and government support are of great significance to promoting the technological innovation of SMEs. This paper selects listed companies on the New Third Board as research samples and analyzes and empirically tests the relationship between digital inclusive financial and technological innovation of small and medium-sized enterprises. The results show that digital inclusive finance can significantly promote the technological innovation level of SMEs, especially the higher the degree of digitalization, the more obvious the promotion effect. Upon further testing, it was more pronounced in the sample of high-tech industries and eastern SMEs. Digital inclusive finance can effectively alleviate the financing constraints of SMEs, thereby promoting the technological innovation of SMEs. Reasonable financial supervision and adaptive government subsidies have a positive regulating effect on the innovation incentive effect of digital inclusive finance.