Abstract：

Against the backdrop of China’s economic transformation and industrial restructuring, small and medium-sized enterprises (SMEs) have become a vital force in promoting social innovation and creating employment. Financing constraints have long restricted SME development, creating obstacles in production expansion, technological innovation, and market exploration. The traditional financial system, constrained by risk preferences, collateral mechanisms, and information asymmetry, has inherent limitations for SMEs, resulting in persistent issues of financing difficulty and high costs. In recent years, digital finance, leveraging big data, artificial intelligence, blockchain, and cloud computing, has facilitated financial product innovation, service model transformation, and risk assessment optimization, thereby providing new pathways for improving the financing environment of SMEs. Based on clarifying the connotation and characteristics of digital finance, this paper analyzes its mechanisms in enhancing financing efficiency, reducing financing costs, diversifying financing channels, and improving risk control. Typical cases are examined to discuss opportunities and challenges faced by SMEs under the support of digital finance. Policy recommendations are proposed, including improving digital finance regulation, strengthening SME informatization, and promoting integration of industry and finance, aiming to provide academic references and practical insights for SME high-quality development and financial system optimization.

Key Words：

digital finance; small and medium-sized enterprises; financing constraints; risk control; high-quality development