Digital Finance, Enterprise Innovation and Equity Financing Constraints of Small and Medium-sized Enterprises

Based on the data of listed smes from 2014 to 2020, this paper empirically examines the impact of digital finance on smes' financing constraints and equity financing constraints from the perspective of enterprise innovation by using fixed effect model, spatial Durbin model and intermediary effect method. The results show that digital finance can effectively alleviate the financing constraints of small, medium and micro enterprises; Digital finance has a positive spillover effect on financing constraints and equity financing constraints. Enterprise innovation is an important channel for digital finance to influence overall financing constraints. The intervention of spatial effect will weaken the intermediary effect and excessive innovation investment will have a negative impact on corporate financing. Therefore, it is necessary to establish a long-term digital ecological model to support the development of inclusive finance and break down the barriers of digital economy.