Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision

Abstract

Abstract: As an emerging financial innovation, digital inclusive finance provides new opportunities for improving the multi-tiered capital market, promoting the innovative development of small and medium-sized enterprises (SMEs) and accelerating the development of new quality productive forces. However, few studies systematically explore the impact of digital inclusive finance on the digital transformation of SMEs and its process mechanism. Based on the 2012—2020 panel data of SMEs listed on SME Board and ChiNext Market, this paper empirically examines the process mechanism between digital inclusive finance, firms’ internal and external financial constraints, and digital transformation, as well as the contingent impact of market environment and institutional environment from the perspective of the integration of resource and institutional provision. The findings are as follows: Digital inclusive finance significantly promotes the digital transformation of SMEs and plays a significant role in alleviating firms’ difficulties; Digital inclusive finance has the dual effects of resource provision and institutional provision, which can effectively alleviate the internal and external financing constraints faced by small and medium-sized enterprises, thus promoting the digital transformation of enterprises. The degree of market competition will strengthen the alleviating effect of digital inclusive finance, and the better the regional institutional environment, the more significant the enabling effect of digital inclusive finance. This paper systematically reveals the process mechanism and contingency factors of digital inclusive finance enabling the digital transformation of SMEs, and has important practical guiding significance for further releasing the dividends of digital inclusive finance helping with industrial digitalization and accelerating the development of modern industries.

Key words: digital economy, digital inclusive finance, digital transformation of enterprises, financing constraints, institutional environment

Yin Ximing, Zhang Shuxin, Li Jizhen. Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision[J]. Management Review, 2026, 38(7): 3-15.

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