Based on the financial data of sample enterprises on the SME board and gem

this paper uses the "cash cash flow sensitivity model" to investigate the impact of the financial innovation level of small and medium-sized banks on the financing constraints of small and medium-sized enterprises. Empirical research shows that there are still financing constraints for small and medium-sized enterprises listed on China's SME board and gem; The financial innovation of small and medium-sized banks has significantly alleviated the financing constraints of small and medium-sized enterprises. The policy implication of this article is that under the background of accelerating the reform of financial management system

small and medium-sized banks should carry out targeted financial innovation in science and technology finance

credit management

professional operation and community-based services

so as to alleviate the financing difficulties of small and medium-sized enterprises.