How Does Digital Finance Affect Corporate Innovation? A Study from the Perspective of R&D Investment

In the context of the accelerated evolution of the digital economy and the in-depth advancement of the innovation-driven development strategy, clarifying the mechanisms through which R&D investment and digital finance influence firms’ innovation performance has important theoretical and practical significance. This study aims to explore both the direct effects and underlying mechanisms of R&D investment and digital finance on firms’ innovation performance. The results show that R&D investment has a positive effect on firms’ innovation performance. Mechanism analysis further shows that digital finance significantly moderates the effect of R&D investment in driving firms’ innovation performance. Specifically, the breadth of digital finance coverage and the degree of digital support services effectively promote the positive effect of R&D investment on firms’ innovation performance. Heterogeneity analyses indicate that firm ownership structure and CEO duality significantly influence the relationship between R&D investment and firms’ innovation performance. These findings provide a new perspective for understanding the interaction effect of R&D investment and digital finance on firms’ innovation performance, and offers empirical evidence for policy-making and corporate strategic planning.