Research on the Impact of Digital Finance on Enterprise R&D Investment

Feng-xin ZHU, Yu-fang DING, Ya-ming ZHAO


This paper selects the data of listed companies on the small and medium board from 2011 to 2018 as a sample, and uses multiple regression analysis to study the impact of the development of digital finance on the level of corporate R&D investment. The research results show that: the higher the degree of digital finance development, the higher the level of R&D investment of enterprises. The article further analyzes the differences in the degree of influence of the three different dimensions of digital finance on the level of R&D investment of enterprises: Among them, the coverage of digital finance has the most significant positive effect on the level of R&D investment, followed by the depth of usage, and the degree of digitization. Based on the research conclusions, this article puts forward suggestions for enhancing corporate innovation capabilities from three perspectives: actively using new financing methods, accurately grasping the impact of digital finance, and categorizing policies to enhance policy pertinence.


Digital Finance, Research Invest, Financing Constraints


Full Text:



  • There are currently no refbacks.