Can Digital Inclusive Finance Promote High-Tech Manufacturing Enterprises Innovation? City-level Evidence from China

In the context of Industry 4.0, innovation in high-tech industries is crucial to promoting sustainable industrial development. Digital inclusive finance, supported by digital technology, provides new opportunities for innovation. In order to clarify the impact mechanism of digital inclusive finance on enterprise innovation, this paper selects high-tech manufacturing companies from 2015 to 2022 in A-shares. The results indicate that digital inclusive finance contributes to enhancing the innovation efficiency of high-tech manufacturing enterprises. This effect is achieved through alleviating financing constraints, controlling risk levels, and driving digital transformation. Therefore, the government should actively promote the development of digital inclusive finance and further enhance the role of digital transformation to drive innovation in high-tech manufacturing.