关键字： digital inclusive ffnance, ffrm innovation, ffrm ffnancing constraints, consumption

Digital inclusive ffnance is a new type of ffnancial service that combines digital ffnancewith inclusive ffnance. It is of great signiffcance for improving the accessibility of ffnancial servicesfor small- and medium-sized enterprises and promoting their development. In this paper, we mergethe Peking University Digital Financial Inclusion Index of China with the innovation data of micro-,small-, and medium-sized enterprises (MSMEs) from the National Bureau of Statistics, verify the facilitating effect of the development of digital ffnancial inclusion on the technological innovation of MSMEs, and explain the mechanism of the inffuence of digital ffnance on the innovation ofMSMEs from the perspective of alleviating ffnancing constraints and promoting consumption. Digitalinclusive ffnance has a promoting effect on the technological innovation of enterprises of differenttechnological levels, but the support for high-tech enterprises is still insufffcient. The heterogeneityanalysis found that there are signiffcant differences in the regional effects of digital ffnancial inclusion;the central and western regions compared to the eastern region have better performance of digitalinclusive ffnance to promote enterprise innovation.