How does Digital Transformation of Commercial Banks Promote Enterprise Innovation Investment

Under a credit-driven indirect financing system dominated by bank loans, enhancing the ability of commercial banks to support innovation in real economy enterprises is a critical issue of widespread concern in both academic and practical circles. Based on the data from non-financial listed companies from 2010 to 2021, this study empirically examines the impact of commercial banks' digital transformation on corporate innovation. The study found that commercial banks' digital transformation significantly promotes corporate innovation investment, with the mechanism of action being to reduce corporate debt financing costs, optimize corporate credit structures, curb excessive corporate debt, and improve the efficiency of R&D funding allocation. Moderating effect analysis indicates that a favorable innovation environment can strengthen the innovation-enabling role of commercial banks' digital transformation, while heterogeneity analysis suggests that this effect is more pronounced in private enterprises, small and medium-sized enterprises, and high-tech enterprises. Further analysis shows that commercial banks' digital transformation can also help enterprises improve innovation quality and efficiency. The research conclusions have important theoretical and practical implications for enhancing financial services to promote high-quality economic development and cultivate new productive forces.