Financial Market Stability, Development of Digital Inclusive Finance and Enterprise Innovation Output

Based on the panel data of China's Shanghai and Shenzhen A-share listed companies from 2010 to 2018, this paper constructs A fixed-effect regression model and empirically explores the relationship mechanism between financial market stability, the development of digital inclusive finance and enterprise innovation output. The results show that the development of digital inclusive finance promotes the innovation output of enterprises; At the same time, financial market stability will enhance the role of digital financial inclusion development in promoting enterprise innovation. The above conclusion is still consistent with the result of benchmark regression after the robustness test of replacement variable and lag variable regression. Further analysis shows that the above conclusions are valid for enterprises with different ownership structures or power concentration. Based on the interaction Angle of financial market stability and the development of digital inclusive finance, this paper has enriched research literature on factors influencing enterprise innovation output, opened the role of financial market stability and the development of digital inclusive finance "black box", and also provides theoretical basis to help the healthy and steady development of financial market in our country.