Does Digital Financial Inclusion Promote SME Innovation? : -- Evidence from SMEs listed companies

Based on the panel data of SMEs listed on the SME Board from 2014 to 2018, this paper constructs a benchmark regression model and a mediating effect model and conducts an empirical study on the relationship between the development degree of digital financial inclusion in China and the innovation of SMEs listed on the SME Board. The results show that the development degree of digital financial inclusion has a significant positive impact on enterprise innovation, and the promotion effect is more significant for small-scale enterprises. Digital financial inclusion also indirectly affects the level of innovation of enterprises through financing constraints. The results of replacing the digital financial inclusion index with the digital financial inclusion index are still significant. This paper puts forward implementing policies and letting them play a role in the investment and financing field for small and medium-sized enterprises. We should lift financing constraints, improve the efficiency of financing, and vigorously develop inclusive finance suggestions.