Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies
Abstract
:1. Introduction
2. Literature Review
3. Theoretical Analysis and Hypothesis Presentation
3.1. Digital Financial Inclusion and Technological Innovation for SMEs
- (1)
- Long-tail effect.
- (2)
- Information effects.
- (3)
- Technology spillover effect
3.2. The Impact Mechanism of Digital Inclusive Finance on Technological Innovation of SMEs: Easing Financing Constraints
3.3. Moderating Effect Analysis
3.3.1. Degree of Financial Supervision
3.3.2. Government Subsidies
4. Research Design
4.1. Sample Selection and Data Source
4.2. Variable Measurement
4.2.1. Explained Variable
4.2.2. Explanatory Variable
4.2.3. Intermediary Variable
4.2.4. Moderating Variables
- (1)
- Financial supervision degree (Supervision, according to the territorial principle of SMEs, the ratio of financial supervision expenditure of each province to the added value of the financial industry is used to measure the regional financial supervision degree, according to Wang et al. [58].
- (2)
- Government subsidies (Subsidy, measured by the proportion of government subsidies received by enterprises in total annual assets.
4.2.5. Control Variable
- (1)
- Control the “business scope” that affects the technological innovation of enterprises through the size and age of enterprises [9];
- (2)
- The proportion of fixed assets amplifies the operating leverage of enterprises, so the fixed asset ratio (Fix) is used to control the impact of the asset structure of enterprises on the experience risk of enterprises [59];
- (3)
- Non-standard audit opinions will increase the enthusiasm of enterprises for R&D and innovation [53], so it is necessary to control whether the audit opinion (Opin) is standard;
- (4)
- Control the role of executives with overseas backgrounds in promoting corporate R&D innovation through dual positions [60];
- (5)
- Return on equity (ROE) is a core indicator to measure the profitability of enterprises, representing the performance of enterprises, and is positively correlated with enterprise innovation [61], so it needs to be controlled;
- (6)
- The higher the gearing ratio of enterprises (Lev), the worse the solvency of SMEs and the less likely they are to obtain new loans [35], so they need to be controlled;
- (7)
- The management expense ratio (Mfee) is measured by the ratio of a company’s overhead to operating income [53].
4.3. Model Construction
5. Empirical Test
5.1. Descriptive Statistics
5.2. Baseline Regression
5.3. Mediation Effect Test
5.4. Analysis of the Moderating Effect
5.5. Heterogeneity Analysis
5.5.1. Industry Heterogeneity Analysis
5.5.2. Analysis of Regional Distribution Heterogeneity
6. Endogeneity and Robustness Test
6.1. Endogenetic Test
6.2. High-Order Fixed Effect Model
7. Conclusions and Discussion
7.1. Research Conclusions
- (1)
- (The development of digital inclusive finance can empower technological innovation in SMEs and can effectively enhance the R&D intensity of SMEs, especially the degree of digitization of digital inclusive finance plays a central role. The core findings still hold after robustness tests using a higher-order fixed effects model and the use of the instrumental variables approach to address the endogeneity issue.
- (2)
- (Digital inclusive finance can alleviate SMEs’ financing constraints, stimulating technological innovation. Digital inclusive finance alleviates the phenomenon of financial exclusion in the traditional financial market, lowers the entry threshold for SME credit, fosters a favorable financial environment, and can better match the financing needs of SMEs’ technological innovation projects.
- (3)
- Effective financial regulation and appropriate government subsidies can enhance the driving effect of digital inclusion, and the degree of financial regulation and government subsidies show a positive moderating effect in the relationship of “digital inclusion–SME technology innovation”.
- (4)
- In comparison to non-high-tech industries and the central and western regions, digital inclusive finance has the potential to significantly boost technological innovation among SMEs in high-tech industries and the eastern region. Although digital inclusive finance can help to address the industry mismatch of credit resources in the traditional financial system, there are still some regional differences in development.
7.2. Theoretical Contribution
7.3. Practical Enlightenment
7.4. Research Limitations and Prospects
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Type | Name | Symbol | Measure |
---|---|---|---|
Explained Variable | Technological innovation | RD | Total R&D expenditure/total operating income |
Explanatory Variable | Digital inclusive finance | Index | Digital inclusive financial index/1000 |
Intermediary Variable | SA Index | SA | |
Moderating Variables | Degree of financial supervision | Supervision | Regional financial regulatory expenditure/added value of financial industry |
Government subsidies | Subsidy | Government subsidies/total assets | |
Control Variable | Size of firms | Size | Ln(total assets) |
Age of firms | Age | Observation year–establishment year | |
Asset-liability ratio | Lev | Total liabilities/assets | |
Management fee rate | Mfee | Administrative expenses/operating income | |
Return on equity | Roe | Net profit/net assets | |
Fixed asset ratio | Fix | Total fixed assets/total assets | |
Integration of two positions | Dual | The general manager and the chairman of the board of directors are both 1, otherwise, 0 | |
Audit opinion | Opin | Standard unqualified opinion is 1, otherwise, 0 |
Variable | N | Mean | SD | Min | P50 | Max |
---|---|---|---|---|---|---|
RD | 25,089 | 0.08 | 0.08 | 0.00 | 0.06 | 0.67 |
Index | 25,089 | 0.31 | 0.06 | 0.1 | 0.31 | 0.41 |
Cover | 25,089 | 0.29 | 0.06 | 0.07 | 0.29 | 0.38 |
Depth | 25,089 | 0.31 | 0.07 | 0.11 | 0.32 | 0.44 |
Digital | 24,722 | 0.37 | 0.05 | 0.11 | 0.39 | 0.45 |
SA | 25,050 | 1.56 | 0.87 | −0.66 | 1.53 | 4.58 |
Supervise | 25,089 | 0.01 | 0.01 | 0.00 | 0.00 | 0.14 |
Subsidy | 24,821 | 0.01 | 0.02 | 0.00 | 0.01 | 0.50 |
Age | 25,089 | 13.13 | 4.90 | 3.00 | 12.84 | 27.44 |
Size | 25,089 | 18.45 | 1.06 | 15.13 | 18.47 | 21.57 |
Mfee | 25,089 | 0.17 | 0.15 | 0.01 | 0.12 | 1.61 |
Fix | 25,089 | 0.16 | 0.15 | 0.00 | 0.12 | 0.67 |
Dual | 25,089 | 0.57 | 0.50 | 0.00 | 1.00 | 1.00 |
Opin | 25,089 | 0.02 | 0.15 | 0.00 | 0.00 | 1.00 |
Lev | 25,089 | 39.37 | 19.13 | 1.22 | 39.01 | 98.13 |
Roe | 25,089 | 8.62 | 19.11 | −93.89 | 9.04 | 85.55 |
Variable | VIF | Tolerance |
---|---|---|
Mfee | 1.43 | 0.697 |
Size | 1.36 | 0.736 |
roe | 1.23 | 0.815 |
Index | 1.21 | 0.826 |
Age | 1.18 | 0.845 |
Lev | 1.11 | 0.898 |
Fix | 1.07 | 0.932 |
Opin | 1.06 | 0.939 |
Dual | 1.05 | 0.950 |
Mean VIF | 1.19 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
Variable | RD | RD | RD | RD |
Index | 0.2072 *** | |||
(2.8912) | ||||
Cover | 0.0763 | |||
(0.7072) | ||||
Depth | 0.0837 * | |||
(1.8822) | ||||
Digital | 0.1141 *** | |||
(4.2534) | ||||
Age | −0.1245 | −0.1216 | −0.1188 | −0.1627 |
(−0.8849) | (−0.8630) | (−0.8444) | (−1.1700) | |
Size | −0.0034 * | −0.0033 * | −0.0033 * | −0.0038 ** |
(−1.7866) | (−1.7591) | (−1.7697) | (−1.9998) | |
Mfee | 0.1961 *** | 0.1956 *** | 0.1959 *** | 0.1978 *** |
(19.8281) | (19.8009) | (19.7910) | (20.3099) | |
Fix | −0.0010 | −0.0011 | −0.0011 | −0.0004 |
(−0.1793) | (−0.2029) | (−0.2016) | (−0.0722) | |
Dual | 0.0002 | 0.0003 | 0.0003 | 0.0002 |
(0.1766) | (0.2145) | (0.2036) | (0.1641) | |
Opin | −0.0141 *** | −0.0142 *** | −0.0141 *** | −0.0140 *** |
(−3.4160) | (−3.4206) | (−3.4059) | (−3.3358) | |
Lev | −0.0001 * | −0.0001 * | −0.0001 * | −0.0001 * |
(−1.7651) | (−1.7433) | (−1.7925) | (−1.7289) | |
Roe | −0.0005 *** | −0.0005 *** | −0.0005 *** | −0.0005 *** |
(−12.4739) | (−12.5406) | (−12.4735) | (−12.3865) | |
cons | 2.0255 | 2.0292 | 1.9811 | 2.6558 |
(0.9270) | (0.9284) | (0.9065) | (1.2294) | |
Year | Yes | Yes | Yes | Yes |
Ind | Yes | Yes | Yes | Yes |
N | 25,089 | 25,089 | 25,089 | 24,722 |
adj. R2 | 0.255 | 0.254 | 0.255 | 0.258 |
(1) | (2) | (3) | |
---|---|---|---|
Variable | RD | SA | RD |
Index2 | 0.2072 *** | −0.1642 *** | 0.1836 ** |
(2.8912) | (−3.0319) | (2.5750) | |
SA | −0.0879 *** | ||
(−4.3744) | |||
Age | −0.1245 | −0.1062 | −0.1313 |
(−0.8849) | (−0.9412) | (−0.9369) | |
Size | −0.0034 * | 0.8347 *** | 0.0697 *** |
(−1.7866) | (348.5220) | (3.9704) | |
Mfee | 0.1961 *** | 0.0436 *** | 0.2015 *** |
(19.8281) | (10.8604) | (20.1625) | |
Fix | −0.0010 | −0.0136 *** | −0.0018 |
(−0.1793) | (−2.8748) | (−0.3378) | |
Dual | 0.0002 | 0.0003 | 0.0004 |
(0.1766) | (0.2422) | (0.2703) | |
Opin | −0.0141 *** | −0.0024 | −0.0145 *** |
(−3.4160) | (−1.0927) | (−3.4824) | |
Lev | −0.0001 * | −0.0001 ** | −0.0001 * |
(−1.7651) | (−1.9828) | (−1.8075) | |
Roe | −0.0005 *** | −0.0001 *** | −0.0005 *** |
(−12.4739) | (−3.8598) | (−12.6237) | |
cons | 2.0255 | −12.2364 *** | 0.9191 |
(0.9270) | (−6.9878) | (0.4149) | |
Year | Yes | Yes | Yes |
Ind | Yes | Yes | Yes |
N | 25,089 | 25,050 | 25,050 |
adj. R2 | 0.255 | 0.989 | 0.260 |
(1) | (2) | |
---|---|---|
Variable | RD | RD |
Index2 | 0.2309 *** | 0.1867 *** |
(3.1390) | (2.6446) | |
Index Supervision | 2.6736 ** | |
(2.3311) | ||
Supervision | −0.6509 ** | |
(−1.9698) | ||
Subsidy | 2.3035 *** | |
(4.2916) | ||
Subsidy | −0.5403 *** | |
(−3.4226) | ||
cons | 1.9799 | 1.8151 |
(0.9074) | (0.8399) | |
Controls | Yes | Yes |
Year | Yes | Yes |
Ind | Yes | Yes |
N | 24,498 | 24,821 |
adj. R2 | 0.259 | 0.260 |
High-Tech Companies | Non-High-Tech Companies | |
---|---|---|
Variable | RD | RD |
Index | 0.3524 ** | 0.1051 |
(2.5981) | (1.3144) | |
Controls | Yes | Yes |
Ind | Yes | Yes |
Year | Yes | Yes |
cons | 3.7525 | 0.8880 |
(0.8468) | (0.3875) | |
N | 9195 | 15,894 |
adj. R2 | 0.266 | 0.264 |
Eastern | Middle | Western | |
---|---|---|---|
Variable | RD | RD | RD |
Index | 0.2090 ** | −0.1651 | 0.1171 |
(1.9698) | (−0.8921) | (0.4464) | |
Controls | Yes | Yes | Yes |
Ind | Yes | Yes | Yes |
Year | Yes | Yes | Yes |
cons | 4.0050 | −6.1532 | 5.1449 |
(1.4785) | (−1.5372) | (0.6916) | |
N | 18,083 | 4559 | 2300 |
adj. R2 | 0.249 | 0.303 | 0.263 |
Variable | (1) Internet Penetration Rate | (2) Distance from Hangzhou |
---|---|---|
RD | RD | |
Index | 0.19 *** (9.15) | 0.29 *** (7.84) |
Controls | Yes | Yes |
Ind | Yes | Yes |
Year | Yes | Yes |
F test of excluded instruments | 29,733.90 *** | 4913.94 *** |
Kleibergen-Paap rk LM statistic | 8703.15 *** | 2661.87 *** |
Hansen J statistic | 0.00 | 0.00 |
N | 25,089 | 22,492 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
Variable | RD | RD | RD | RD |
Index | 0.1908 *** | |||
(2.6646) | ||||
Cover | 0.1330 | |||
(1.2149) | ||||
Depth | 0.0710 | |||
(1.5755) | ||||
Digital | 0.1011 *** | |||
(3.7580) | ||||
Controls | Yes | Yes | Yes | Yes |
Year Ind | Yes | Yes | Yes | Yes |
cons | 2.0074 | 2.0281 | 1.9763 | 2.6294 |
(0.9275) | (0.9366) | (0.9127) | (1.2289) | |
N | 25,089 | 25,089 | 25,089 | 24,722 |
adj. R2 | 0.263 | 0.263 | 0.263 | 0.266 |
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Zhang, L.; Chen, J.; Liu, Z.; Hao, Z. Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies. Sustainability 2023, 15, 7144. https://doi.org/10.3390/su15097144
Zhang L, Chen J, Liu Z, Hao Z. Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies. Sustainability. 2023; 15(9):7144. https://doi.org/10.3390/su15097144
Chicago/Turabian StyleZhang, Lu, Jiakui Chen, Ziyi Liu, and Zhiyuan Hao. 2023. "Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies" Sustainability 15, no. 9: 7144. https://doi.org/10.3390/su15097144
APA StyleZhang, L., Chen, J., Liu, Z., & Hao, Z. (2023). Digital Inclusive Finance, Financing Constraints, and Technological Innovation of SMEs—Differences in the Effects of Financial Regulation and Government Subsidies. Sustainability, 15(9), 7144. https://doi.org/10.3390/su15097144