Configurational Pathways for Fintech-Empowered Sustainable Innovation in SRDIEs Under Financing Constraints

The high-quality development of specialized, refined, distinctive, and innovative enterprises (SRDIEs) is essential for advancing an innovation-driven strategy. This paper investigates the impact of financial technology (Fintech) on sustainable innovation within SRDIEs that face financing challenges, analyzing it from supply-side, demand-side, and environmental perspectives. We utilize fuzzy-set Qualitative Comparative Analysis (fSQCA) and Necessary Condition Analysis (NCA) to explore the configurational paths and complex causal effects of Fintech in facilitating the innovation of SRDIEs amid financing challenges. By employing a combination of NCA and fsQCA, this study identifies several effective pathways through which Fintech enhances the innovation efficiency of SRDIEs. We develop an integrative model to enhance innovation inputs, outputs, and sustainability. The key findings include the following: (1) Fintech significantly enhances innovation output, supported by business efficiency and digital intelligence; (2) two distinct pathways for achieving high-innovation inputs are identified, driven by Fintech intensity and effective credit allocation, with specialization and financial mismatches serving as auxiliary factors; (3) the core conditions of Fintech intensity and the financing environment, along with competitive banking, promote innovation motivation and sustainability in highly specialized enterprises. The conclusions of this study provide both theoretical and practical insights for SRDIEs to tackle innovation challenges characterized by an “inability to innovate”, a “lack of willingness to innovate”, and “ineffectiveness in innovation”, enabling their transition from merely being “able to innovate” and “daring to innovate” to becoming “proficient in sustainable innovation”. These findings offer differentiated sustainable innovation solutions for enterprises through three avenues: capacity building on the demand side, channel optimization on the supply side, and ecological cultivation on the environmental side.