Digital finance and enterprise innovation efficiency: Evidence from China

Based on data from China's A-share listed companies from 2011 to 2021, this paper discusses the relationship between digital finance and enterprise innovation efficiency and the influencing mechanism. The findings show that digital finance significantly improves enterprise innovation efficiency, and compared with the depth of use, expanding the coverage of digital finance matters more in promoting enterprise innovation efficiency. For the transmission mechanism, digital finance helps enterprises achieve digital transformation and then promotes the improvement of enterprise innovation efficiency. Compared with non-state-owned enterprises, digital finance has a more obvious facilitation effect in improving the innovation efficiency of state-owned enterprises.