Digital Finance, Innovation Value Chains, and the Formation of New Productivity: Evidence from Technology-Based SMEs

Technology-based small and medium-sized enterprises (SMEs) are vital agents of innovation, with their technological advancements serving as the primary driver of new quality productive forces. However, the intrinsic linkages between these entities and productivity formation remain insufficiently elucidated. This study examines a sample of Chinese technology-based SMEs from 2019 to 2024, including 1265 companies and 6705 firm-year observations. Drawing on the innovation value chain perspective and technological innovation process theory, we deconstruct the innovation process into three distinct stages—R&D, production/manufacturing, and marketization—which correspond to the three core elements of new quality productive forces: “new technologies,” “new laborers,” and “new value creation”. This research intends to clarify the intrinsic coupling mechanisms between the innovation value chain and the constituent elements of new quality productive forces under the empowerment of digital finance. The results reveal that digital finance exerts a significant positive driving effect on all three stages of the innovation value chain. The most pronounced impact is observed in the “new technologies” associated with the R&D stage, followed by “new value creation” in the marketization stage and “new laborers” in the production/manufacturing stage. Mechanism analysis demonstrates that both usage depth and coverage breadth of digital finance exhibit substantial driving effects. Specifically, digital finance promotes the formation of new quality productive forces through three pathways: increasing R&D investment, raising the proportion of high-tech personnel, and expanding market share. These findings refine the theoretical framework integrating digital finance, technological innovation, and new quality productive forces, offering a practical pathway for the cultivation of new productivity.