Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises

Suning Zhang

doi:10.47297/wspciWSP2516-252737.20261003

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Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises

10卷第3期

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Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises
Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises
Henan Ruibai New Materials Co., Ltd., Shangqiu, Henan, 476600, China
2026年10卷第3期页码：178-184
网络首发：2026-08-07，

纸质出版：2026-06-30
DOI：10.47297/wspciWSP2516-252737.20261003
Accepted：

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Suning Zhang. (2026). Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises. 创意与创新（英文版）, 10(3), 178-184.

Zhang Suning.Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises[J].Creativity and Innovation,2026,10(03):178-184.
Suning Zhang. (2026). Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises. 创意与创新（英文版）, 10(3), 178-184. DOI： 10.47297/wspciWSP2516-252737.20261003.

Zhang Suning.Research on the Influence of Digital Finance, Financing Constraints and Technological Innovation of Manufacturing Enterprises[J].Creativity and Innovation,2026,10(03):178-184. DOI： 10.47297/wspciWSP2516-252737.20261003.

摘要

Abstract

Taking China's A-share listed manufacturing companies from 2012 to 2025 as research samples

this paper empirically examines the impact of digital finance on the technological innovation of manufacturing enterprises and the mediating effect of financing constraints. The results show that digital finance significantly promotes the technological innovation of manufacturing enterprises. Digital finance indirectly drives enterprise innovation by alleviating financing constraints

and financing constraints exert a partial mediating effect in this process. The conclusions remain robust after controlling for enterprise characteristics and annual fixed effects. This study provides empirical evidence for advancing the development of digital finance

easing financing difficulties in the manufacturing sector and improving enterprises' innovation capacity.

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Keywords

references

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