The impact of digital financial inclusion on enterprises’ innovation ability in China empirical evidence from high-tech SMEs

. Taking the technology-based SMEs as the research object, the principal component analysis method is utilized to construct the enterprise innovation capability index. The research shows that the development of digital inclusive finance has a significant positive impact on innovation capability, and the positive effect is still significant under the robustness test. However, there is no intermediary effect of financing constraints in the segmented market of small and medium-sized technology-based enterprises, which is partly due to the difficulty of efficient project identification of the digital inclusive platforms with mixed advantages and disadvantages in the market. The lag effect indicates that the impact of digital inclusive finance on the innovation of technology-based SMEs will be more obvious after a period of time.


Introduction
The key bolster for building a cutting-edge financial framework is driven by development [1].Technologybased SMEs have solid advancement imperativeness, and their advancement has vital importance for extending work, expanding pay, and realizing financial change."The Law of the People's Republic of China on the advancement of little and medium endeavours clearly states the objective of progressing the trade environment of SMEs and advancing their sound improvement."[2].Therefore, the development of based small and mediumsized enterprises is highly valued by Chinese scholars.However, there are currently few articles that systematically analyse the impact of digital inclusive finance on the innovation capabilities of technology-based enterprises.This article conducts a series of empirical analyses with technology-based SMEs as the research subject.

Literature Review
The relationship between advanced comprehensive fund and corporate financing imperatives is talked about, but the investigate conclusions are diverse [3].There are few articles that analyze the effect of computerized comprehensive fund on the advancement capacity of technology-based SMEs.The paper talks about the impact of financing imperatives on advancement capabilities of technology-based SMEs, as well as the impact of assessing advancement capabilities on the premise of financing imperatives.

Innovation capability index system
Based on the existing research results and enterprise research, this paper constructs an enterprise innovation capability index system, as shown in Table 1.

Principal Component Analysis
Principal component analysis is used to evaluate the innovation ability of enterprises [4].
The first step is to test the reliability and validity of the indicator system.The test results showed that the KMO value was 0.504, the significant level of Bartlett's spherical test Sig.was 0.000, and the cumulative variance contribution rate of the three main factors was 61%.Therefore, the indicator system is suitable for principal component analysis.Table 2 shows that the principal component matrix of innovation capability.The second step is to comprehensively evaluate the innovation capability of enterprises.The principal components of innovation capability are shown in Formula (1), ( 2) and (3) below: The variance contribution reflects the relative importance of the principal components.From the variance contribution rate, the scores of the principal components can be weighted and summed to obtain a comprehensive score, namely, the comprehensive evaluation index F of enterprise innovation capability, as shown in Formula (4): F= (0.2570/0.6100) * � +( 0.1847/0.6100)* � +( 0.1683/0.6100)* � (4)

Variable selection
The variables are divided into the explained variables, financial innovation index, and the core explanatory variables are the digital inclusive financial index and the depth of use of digital inclusive finance.The control variables include asset liability ratio, operating revenue growth rate, fixed asset ratio and operating index.The intermediary variable is financing constraint.

Data source
The data in this paper are from the SMEs of A share in the Tonghua Shun database.Firstly, ST, ST * and PT are excluded from the sample, and then G information transportation, software and information technology service industries are selected.This industry refers to the use of computer communication network technology to compile, collect, process and use data, and provide terminal service activities and M scientific research and technical services, which refers to the use of modern scientific and technological knowledge and methods.An emerging industry that provides intelligent services to society.Finally, companies with abnormal financial data are eliminated.

Empirical analysis 4.1 Descriptive analysis
This paper collects panel data of technology-based SMEs in the A-share market from 2012 to 2020 for research.
There are 150 pieces of data in the descriptive analysis of data.

Benchmark regression analysis
The paper first analyzes the impact of the development of digital inclusive finance on enterprise innovation capability and constructs a regression model.
Where, i represents the enterprise, j represents the city, and t represents the year.The explained variable F is the enterprise innovation capability; The explanatory variable DIFI is the digital inclusive financial index; Control refers to other control variables that may affect enterprise innovation at the enterprise or city level.δ It refers to the fixed effect of individual companies.θ Is a fixed time effect, ε Represents a random error term.It can be seen from Table 5 that the coefficient of DIFI is 37.60674, p is 0.004, indicating that this coefficient is estimated to be significant at the significance level of 5%, and the digital inclusive financial index has a positive impact on the innovation of technology-based SMEs.

An Analysis of the Intermediary Effect of Financing Constraints
In order to test the transmission mechanism of the influence of digital inclusive finance on the innovation capability of technology-based SMEs, this paper will focus on the intermediary effect of financing constraint SA [5].Stata is used to produce the DIFI.Lev, probit, Roe, gz, q ,and Yy are control variables.The specific model is as follows: �� � � � � � �  �� � � �  �� � ������� � � �� � � �� � � �� (7) Table 7 shows that digital inclusive financial DIFI has a negative relationship with financing constraint SA, while SA has a negative relationship with F. However, the two indirect effects are not significant.Digital inclusive financial DIFI has a significantly positive impact on F, and only 37.60674 is the main effect.It can be concluded that the intermediary effect of financing constraint SA does not exist [6].

Conclusion
The investigate protest of this paper is little and mediumsized technology-based endeavours, and it looks at the impact of advanced comprehensive back on undertaking development capacity, as well as the part of financing imperatives.The advancement of computerized comprehensive back includes a positive effect on the advancement of development capability of technologybased SMEs [7].There's a slack within the effect of advanced comprehensive fund on the development capability of technology-based SMEs [8].

Recommendations
The government should support the development of digital finance in depth, improve the depth of use on the basis of expanding coverage, improve the business functions of digital finance, and provide more convenient financial services for innovative activities of technologybased SMEs [9].If technology-based SMEs want to achieve long-term development, they need to standardize their governance structure, and then improve their independent innovation ability, recruit professional talents, so as to improve their comprehensive strength [10].

Table 1 .
Enterprise innovation ability index system

Table 2 .
Principal Component Matrix

Table 3 .
Variable Symbols and Definitions Table 4 reports the descriptive statistical results of specific variables.The results in Table6show that the standard deviation of enterprise innovation capability F is 6.795555, the average value is 2.193901, the maximum value is 44.29969, and the minimum value is -3.894914, which indicates that the innovation capability gap of the sample enterprises in this paper is large.The average value of DIFI is 270.7403, with a large gap between the maximum and minimum values.Different regions have different levels of digital inclusive finance.

Table 4 .
Descriptive statistics of main variables

Table 5 .
Benchmark Regression Results

Table 6 .
The coefficient of the coverage breadth index of digital inclusive finance is 21.35915, which is significantly positive at the level of 1%, which indicates that digital inclusive finance has a significant positive effect on the innovation ability of technology-based SMEs, which further verifies the benchmark regression analysis results.

Table 7 .
Mediation effectThere's a lagging when it comes to the effect of advanced comprehensive back on the development of technologybased SMEs.In this section, the IF of the explained variable lagging one order is used as the new explained variable for regression, and the lag effect of the variable is tested.The lag regression analysis results are shown in TableXI.From the table 8, the coefficient of DIFI is 21.35915, and the P value is 0. The regression coefficient passed the significance test of 1%, so the lag effect exists, showing that the impact of digital inclusive finance on the innovation of technology-based SMEs will be more obvious after a period of time.

Table 8 .
Lag Regression Analysis