Abstract: An empirical analysis was conducted on the relationship between digital inclusive finance,government subsidies,and financing constraints among small and medium-sized high-tech enterprises listed on the SME board from 2011 to 2021.The study found that digital inclusive finance significantly alleviates the financing constraints of high-tech enterprises on the small and medium-sized board,and this effect strengthens with the increase of government subsidies.From a multidimensional perspective,the breadth of coverage of digital inclusive finance had a significant negative impact on financing constraints,and government subsidies could play a positive regulatory role.Heterogeneity analysis showed that for enterprises not audited by the Big Four,earlier established,and those in regions with lower levels of economic development and bank competition,digital inclusive finance had a more pronounced effect in alleviating financing constraints,and the regulatory effect of government subsidies was also stronger.

Key words: digital inclusivefinance, government subsidies, financing constraints, SME board, high-tech enterprises