Abstract
Using the data of Shanghai and Shenzhen A-share listed companies from 2012 to 2020, this paper empirically analyzes the impact of digital finance development on enterprise independent innovation and the transmission mechanism of trade credit and government subsidies. The results show that the development of digital finance significantly promotes enterprise independent innovation, and trade credit and government subsidies play a mediating effect in the relationship between digital finance and enterprise independent innovation. And they also play a moderating role in the process of different dimensions of digital finance influencing enterprises’ independent innovation. Finally, the heterogeneity analysis shows that the innovation incentive effect of digital finance is stronger for private enterprises and small and medium-sized enterprises.
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