创新是企业的核心竞争力，是国家建设现代化经济体系的必由之路。企业创新是一个系统工程，创新链、管理思维、资金支持缺一不可，相互支撑。近年来，作为数字技术与传统金融的结合，数字金融的发展促进企业在日常管理中使用“数字思维”，这有助于降低数据使用和信息决策的边际成本，提升企业经营效率，拓展企业的创新空间。同时，数字金融在新兴技术的帮助下，具有广覆盖性、强渗透性的特征，提高了金融服务的可获得性，减少了企业与金融机构相互之间的信息不对称风险，进而使企业可以更加容易的获取融资，促进企业创新。本文旨在探究数字金融推动企业创新的作用机制，进而为数字金融环境下的政府、金融机构和企业提供参考和建议。

本文通过使用我国数字普惠金融指数2011-2020年的市级数据与A股上市企业的数据进行匹配，引入固定效应模型和中介效应模型，系统探讨了数字金融对企业创新发展的影响，分别从企业的内部因素与外部因素厘清其具体传导机制，并进一步在不同企业层面、不同地区环境层面进行异质性分析。

经分析研究得出三个结论：第一，数字金融通过降低企业成本、增加资金来源、改善资金匹配等方面助力企业创新，具有结构效应与动态叠加效应。第二，从企业内部因素来看，数字金融通过推动企业数字化转型激励企业创新发展；从企业外部因素来看，数字金融通过减少金融错配降低融资约束，进而激励企业创新。第三，数字金融对不同企业层面、不同地区环境层面的企业创新影响具有异质性。基于研究结论，本文建议政府方面积极鼓励引导数字金融发展，优化制度环境；建议金融机构方面主动创新数字金融产品，提高金融服务水平；建议企业方面加强自身数字化转型，合理利用数字金融资源。

Innovation is the core competitiveness of enterprises and the only way for a country to build a modernized economic system. Enterprise innovation is a systematic project, in which innovation chain, management thought and financial supply are indispensable and mutually supportive. In recent years, as a combination of digital technology and the traditional finance, the development of digital finance promotes enterprises to use "digital thought" in the daily management, which helps to reduce the marginal cost of data usage and information decision, improves enterprise management efficiency and expanses the space for the enterprise innovation. At the same time, with the supporting of emerging technologies, digital finance has wider coverage and stronger penetration. And the digital finance enhances the availability of financial services and reduces the risk of information asymmetry between financial institutions and enterprises, which is relatively easy for enterprises to obtain financing and promote enterprise innovation. The purpose of this paper is to explore the mechanism of digital finance to promote enterprise innovation, and then provide references and suggestions for the government and financial institution and enterprise under the digital finance environment.

In this paper, we using digital inclusive finance index data at the municipal level matched with a-share listed companies' data from 2011 to 2020. We using the fixed effects model to explore the digital finance impact on enterprise innovation, and using the mediation effect model to clarify the specific transmission mechanism from the perspective of the internal and external factors of enterprises. Finally, the heterogeneity at different levels of enterprises and different regional environment is further discussed.

After analysis and research, three conclusions are drawn: firstly, digital finance helps enterprise innovation by reducing enterprise costs and increasing capital sources and improving capital matching. It has structural effect and dynamic superposition effect. Secondly, from the internal factors of enterprises, digital finance stimulates enterprise innovation by promoting enterprise digital transformation; from external factors of enterprises, digital finance can alleviate financing constraints by reducing financial mismatch to promote enterprise innovation. Thirdly, the impact of digital finance on enterprise innovation at different levels of enterprise and in different regional environment is heterogeneous. Depended on the three conclusions, we provide suggestions for the government and financial institution and enterprise. We suggest that the government should lead the evolution of digital finance and optimize the institutional environment. We suggest that financial institutions should take the initiative to innovate digital financial products and improve financial services. We suggest that enterprises should strengthen their own digital transformation and make reasonable use of digital financial resources.