Nonlinear Impact of the Digital Inclusive Finance on Enterprise Technological Innovation Based on the AK Model and PSTR Empirical Analysis

Using a panel smooth conversion model, data of listed companies in the Chinese A-stock market and the digital inclusive finance index from 2011 to 2018 are used to empirically test the nonlinear impact and heterogeneity of digital inclusive finance on corporate technological innovation. The results show the following: First, the development of digital inclusive finance has a nonlinear effect of first promoting and then inhibiting the technological innovation of enterprises. Second, the nonlinear impact of digital inclusive finance development on the technological innovation of SMEs is more obvious. Finally, in the subdivision dimension of digital inclusive finance, the depth of use has a significant positive effect on the technological innovation of enterprises, the breadth of coverage has a significant inhibitory effect on the impact of enterprise innovation, and the degree of digitization is realized as an inverted U-shaped relationship that first rises and then falls.