Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises

Suning Zhang

doi:10.47297/wspceWSP2516-251911.20261003

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Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises

10卷第3期

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Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises
Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises
Henan Ruibai New Materials Co., Ltd., Shangqiu, Henan, 476600, China
2026年10卷第3期页码：50-55
网络首发：2026-07-29，

纸质出版：2026-06-30
DOI：10.47297/wspceWSP2516-251911.20261003
Accepted：

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Suning Zhang. (2026). Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises. 创意经济（英文版）, 10(3), 50-55.

Zhang Suning.Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises[J].Creative Economy,2026,10(03):50-55.
Suning Zhang. (2026). Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises. 创意经济（英文版）, 10(3), 50-55. DOI： 10.47297/wspceWSP2516-251911.20261003.

Zhang Suning.Research on Digital Finance, Risk-Taking and Technological Innovation of Manufacturing Enterprises[J].Creative Economy,2026,10(03):50-55. DOI： 10.47297/wspceWSP2516-251911.20261003.

摘要

Abstract

Taking China's A-share listed manufacturing companies from 2012 to 2025 as research samples

this paper systematically examines the impact and mechanism of digital finance on the technological innovation of manufacturing enterprises. The empirical results show that digital finance significantly improves the technological innovation output of manufacturing enterprises

and this effect is more pronounced among firms with higher risk-taking levels. Further mechanism tests verify that corporate risk-taking plays a partial mediating role between digital finance and technological innovation. Specifically

digital finance not only directly empowers innovation activities

but also indirectly promotes the upgrading of technological innovation by easing financing constraints and enhancing firms' willingness and capacity for risk-taking. The findings reveal the internal logic of how digital finance empowers innovation in the real economy

and provide theoretical basis and policy implications for optimizing the digital finance ecosystem and stimulating the innovation vitality of the manufacturing industry.

关键词

Keywords

references

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