Abstract: With the advantages of high efficiency, intelligence and inclusiveness in the allocation of financial resources, digital finance has not only reshaped the structure and service model of the financial market, but also profoundly affected the innovation activities of enterprises. Taking the A-share non-financial listed companies in Shanghai and Shenzhen from 2011 to 2020 as a sample, this paper explores the influence mechanism of digital finance on enterprise business model innovation. Empirical results show that digital finance can not only directly promote the innovation of enterprise business models, but also indirectly affect the innovation of enterprise business models by reducing transaction costs. At the same time, the digital transformation of enterprises and the dynamics of the external environment have played a positive and negative regulating role respectively. This research not only provides a theoretical basis for digital finance to empower the development of micro-real economy, but also provides a reference for the selection and control of enterprise business model innovation path under the background of digital finance.

Key words: digital finance, enterprise business model innovation, transaction costs, enterprise digital transformation, environmental dynamics