以大数据、云计算、人工智能等为核心的数字技术可为创新发展提供新动能。企业作为微观创新主体，在我国创新驱动发展战略实施过程中占据主导地位，对我国经济高质量发展具有重要影响。基于金融资产配置视角，以2010—2021年A股上市企业为样本，构建企业数字化转型创新驱动框架，采用双向固定效应模型、有调节的中介效应模型以及门限效应模型进行一系列实证检验。结果表明：数字化转型能够显著提升企业创新效率；在企业数字化转型创新驱动机制中，融资约束发挥重要中介作用；金融化抑制数字化转型对企业创新效率的直接影响效应，正向调节融资约束在数字化转型创新驱动机制中的中介作用。通过探讨数字化转型对企业创新效率的驱动机制，为政府、金融机构和企业共同打造数字驱动创新生态提供实践启示。

Enterprises are at the core of China's economic development since they represent the primary drivers of micro-innovation.Enhancing the innovation capabilities of enterprises is essential to promoting the strategy of strengthening the country with science and technology and empowering long-term sustainable economic development.As China's economy moves from high-speed growth to innovation-led, high-quality development, enterprises must achieve digital transformation to enhance innovation and development effectively.Therefore, it has become a crucial topic of discussion about how to embrace digital technology in stimulating innovation vitality and improving efficiency in the digital economy era.#br#While existing literature has recognized that digital transformation has positive effects on innovation, it has focused primarily on innovation quantity and quality without consideration of innovation efficiency.Digital transformation enables firms to upgrade their existing products and increase their innovation output.However, such upgrades have led to the filing of numerous duplicate, low-quality patents, lowering the overall quality of innovation.Thus, further exploration of the potential impact mechanisms between digital transformation and innovation efficiency is required.An imbalance in financial asset allocation may adversely affect digital transformation and innovation,but few studies have analyzed the behavioral effects of financial asset allocation on digital transformation and innovation, indicating the need for a systematic framework to clarify their impact mechanisms.#br#To further enrich the existing theoretical and empirical analysis framework, this study first clarifies the relationship between digital transformation and innovation efficiency.Next, the underlying mechanisms of financing constraints and corporate financialization are analyzed.The samples from the financial industry, insurance industry, and real estate industry are excluded, and 11 000 observation values were ultimately obtained after screening.This study employs the panel double fixed effect model, mediating model, moderated mediation model, and threshold effect model to analyze the direct effect and potential mechanism of the digital transformation of China's A-share listed companies on innovation efficiency from 2010 to 2021.#br#The following research conclusions are obtained.First, digital transformation can significantly enhance firms' innovation capability, and this conclusion still holds after a series of robustness tests and endogeneity tests.Second, financing constraints play a significant mediating role in the path of digital transformation for enterprises, affecting innovation efficiency.The digital transformation of enterprises can break the information barriers and broaden the innovation financing channels, improving enterprises' innovation efficiency by alleviating their financing constraints.Third, among the direct effects of digital transformation-driven innovation, the increase in financial asset allocation by firms for capital arbitrage motives has a "crowding-out effect" on corporate innovation.Fourth, on the mediating path of financing constraints, enterprises can play the role of "reservoir" of financial assets by allocating financial assets based on the motivation of capital reserves.#br#The potential contributions of this paper are as follows.First, this study empirically tests the contribution of digital transformation to the efficiency of corporate innovation and enriches the empirical research on digital transformation and corporate innovation efficiency.Second, this study tests the transmission mechanism of financing constraints in the relationship between digital transformation and corporate innovation and provides new empirical evidence for firms to explore the path of digital transformation-driven innovation.Third, from the perspective of firms' allocation of financial assets, it re-examines the relationship between digital transformation and innovation efficiency and discovers that the financialization of firms has a moderating mechanism in the process of digital transformation-driven innovation as well as its boundary conditions.#br#Finally, this study puts forward some targeted suggestions based on the empirical results.Government departments should focus on creating a sound ecology of digital-driven innovation.Financial institutions should establish and improve the financial market system to provide financial support for enterprises' technological innovation.Entity enterprises need to accelerate digital transformation at the same time, and they should treat the allocation of financial assets in an objective and dialectical manner,and reasonably plan the investment of financial assets.#br#