Research on the Impact of Digital Finance on Technological Innovation Under the Background of Green Development-an Example of the Listed Automobile Manufacturing Industry

Abstract

This paper focuses on exploring the role of digital finance in corporate technological innovation, how it influences technological innovation, and the manifestation of green development in this process. The study centers on China's listed automotive manufacturing enterprises and is based on data from Chinese A-share automotive manufacturing companies listed from 2011 to 2023, examining the mechanism by which digital finance affects technological innovation and the moderating effect of green development level. The research results obtained in this paper show that: (1) Digital finance can promote technological innovation in enterprises, and the effect is obvious. It achieves this by optimizing the allocation of resources to make them more reasonably distributed and reducing the cost required for enterprise financing. In this way, digital finance can effectively enhance the technological innovation capabilities of automotive manufacturing enterprises. (2) Its core mechanism is mainly to alleviate the constraints that enterprises encounter in financing, provide very crucial financial support for the innovation activities of typical capital-intensive industries such as the automotive manufacturing industry, and enable these innovation activities to proceed smoothly. (3) The level of green development of enterprises will positively regulate this relationship. In the automotive manufacturing industry, where the pressure of green transformation is relatively high, the better the environmental performance of those enterprises, the more obvious the impact of digital finance.