Research on the impact of digital transformation on technological innovation of technology-based SMEs : the mediating effect of financing constraints

Abstract

In the context of the accelerated development of the digital economy, digital transformation has emerged as a crucial driving force for innovation among technology-based small and medium-sized enterprises (SMEs). This paper analyzed a sample of Chinese listed companies from 2007 to 2022, utilizing the annual report keyword frequency index to assess the level of digital transformation within these enterprises. Furthermore, it empirically examined the impact of digital transformation on technological innovation among small and medium-sized enterprises (SMEs). The results indicated that digital transformation has significantly enhanced the technological innovation capabilities of small and medium-sized enterprises (SMEs) and has played a critical mediating role by alleviating financing constraints. In order to promote digital transformation and foster the innovative development of technology-based small and medium-sized enterprises (SMEs), the government should implement policies that support the development of digital infrastructure, encourage financial innovation, and alleviate financing constraints faced by SMEs. Additionally, it is essential to guide enterprises in formulating digital transformation strategies that align with their unique characteristics and to accelerate the deep integration of emerging technologies into corporate innovation activities. From the perspective of digital transformation, this paper systematically enhances and elaborates on the motivations and pathways of corporate innovation, thereby enriching and expanding the research scope within this field