Digital Inclusive Finance, Financing Constraints, and Technological Innovation of Smes——Differences in the Effects of Financial Regulation and Government Subsidies

The development of digital inclusive finance provides new opportunities for the technological innovation of SMEs. In this paper, the New Third Board enterprises were used as research samples, and the two-way fixed-effect model was used for empirical testing. The results show that digital inclusive finance significantly promotes the technological innovation level of SMEs, and the higher the degree of digitalization, the more obvious the promotion role. However, there are differences in industry and regional distribution. The mechanism of action is to ease the financing constraints of SMEs, and financial supervision and government subsidies play a positive regulating role