Digital Finance,Innovation Resource Allocation, and Firm Innovation Output
Yu Fen1,2, Xu Yusen1,2, Fan Xia3
1. Business School,Foshan University,Foshan 528000,China; 2. Research Centre for Innovation & Economic Transformation,Research Institute of Social Sciences in Guangdong Province,Foshan 528000,China; 3. School of Business Administration,South China University of Technology,Guangzhou 510641,China
Abstract：Based on the data of A-listed companies between 2011 and 2021 in China,a fixed effect model is used to test whether digital finance promotes the rational allocation of firms' innovation resources and effectively translates into actual innovation output.First,we find that digital finance promotes firms' innovation output at the aggregate level,and the effect is greater for non-state owned firms (non-SOEs)and small and medium-sized firms (SMEs).Second,we find that digital finance enhances the innovation input of high productivity firms,and this incentive effect is particularly significant in non-SOEs and SMEs,thus driving innovation output of these firms more effectively.Third,it is found that the development of digital finance significantly reduces the distribution of firm innovation input and output.The above results suggest that digital finance can partially correct the ownership discrimination and size discrimination of traditional finance on non-SOEs and SMEs,as well as the mismatch of finance resource,especially enhance the innovation funding support for high productivity firms and improve the efficiency of inter-firm innovation resource allocation,thus achieving an overall increase in firm innovation output.
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