关键词: 互联网金融超市, 内源融资, 债务融资成本, 创新投入, 数字金融

Abstract: Innovation investment is a kind of important fuel for entity enterprises to achieve innovative development. Based on the data of listed companies on the Main Board of Shanghai and Shenzhen Stock Exchanges from 2011 to 2021, this paper discusses the impact of the development of Internet financial supermarkets on enterprise innovation investment by combining with the secondary indicator (investment business index) in the Digital Financial Inclusion Index System. The findings show that the more actively the financial products are traded online in the Internet financial supermarket, the higher the innovation investment of enterprises in the region. This promotional effect is more prominent in SMEs, private enterprises, high-growth enterprises, and during the periods of high economic policy uncertainty. The mechanism analysis reveals that the online trading of financial products in the Internet financial supermarkets has a wealth effect and a competition effect, namely, the development of Internet financial supermarkets has increased the proportion of internal financing of enterprises and reduces the cost of debt financing of enterprises, thus promoting enterprise innovation investment. The moderating effect analysis finds that the internal and external supervision system, which are represented by independent directors and regional financial supervision, will weaken the promotional effect of the development of Internet financial supermarkets on enterprise innovation investment. Therefore, the government can deeply integrate the steady development of large Internet financial platforms with the accelerated implementation of innovation-driven strategies, so as to further empower enterprises to increase their innovation investment.

Key words: Internet financial supermarket, internal financing, debt financing cost, innovation investment, digital finance