Digital Tansformation and Innovation Efficiency of "SRDI" SMEs

In the era of digital economy, the implementation of innovation-driven development strategies necessitates the participation of specialized, refined, distinctive, and innovative (SRDI) SMEs. Digital transformation has injected robust momentum into enhancing the innovation efficiency of SRDI enterprises. This study empirically examines the relationship between digital transformation and the innovation efficiency of SRDI SMEs, along with its underlying mechanisms, using a sample of 405 SRDI enterprises listed on China’s A-share market from 2010 to 2022 and employing a fixed-effects model. The findings reveal that digital transformation significantly enhances the innovation efficiency of SRDI enterprises. Mechanism analysis confirms that digital transformation achieves this by alleviating financing constraints, and these conclusions remain robust after a series of rigorous tests. Further research demonstrates heterogeneous effects across ownership types and regional distributions: the incentive effect of digital transformation on innovation efficiency is more pronounced in non-state-owned enterprises and those located in central and western regions. These conclusions deepen the understanding of the nexus between corporate digital transformation and innovation efficiency. Accordingly, this study proposes recommendations such as advancing digital strategic transformation, strengthening policy guidance, optimizing financial supply structures, and fostering digital ecosystems, providing empirical insights for enterprises to explore digital innovation pathways.