How Digital Finance Promotes Technological Innovation : Evidence from China

This article confirms the direct positive effect of digital finance on technological innovation and explores its regional heterogeneity. It further demonstrates the mediation effect from the fund supply side and product demand side of innovation, proving that digital finance stimulates technological innovation by promoting R&D investment and consumer demand. However, it was found that the mediation role of technology credit was not established, suggesting that the financial institution credit for research funding does not significantly drive innovation, digital finance mainly encourages innovation by promoting the supply of non-financial funds