Abstract:
Studying the impact of digital finance on the innovation efficiency of Chinese industrial enterprises is of great significance for accelerating the construction of a manufacturing powerhouse. Based on the panel data of 30 provinces in China from 2011 to 2020, the study finds that the development of digital finance significantly promotes the improvement of innovation efficiency of industrial enterprises through the fixed effect model, threshold regression model and mediating effect model, and the promotion effect shows decreasing regional heterogeneity in the eastern, central and western regions; there is a positive nonlinear effect of increasing marginal returns between digital finance and the innovation efficiency of industrial enterprises, and this innovation spillover effect has a significant constraint mechanism. With the improvement of entrepreneurial and innovative spirit of entrepreneurs, it presents a characteristic of marginal increase; digital finance has an indirect effect on the innovation efficiency of industrial enterprises by strengthening human capital accumulation, technology spillover effect and industrial structure upgrading. This study helps to clarify the relationship between digital finance and innovation efficiency of industrial enterprises, and the relevant conclusions may provide useful insights for accelerating the construction of China’s modern industrial economic system and achieving the transformation of old and new driving forces.
