Abstract

Digital finance can expand enterprise access to funding, yet evidence of its effectiveness in alleviating financing constraints remains inconsistent. Existing research inadequately explains how information asymmetry, institutional conditions, and organizational capabilities jointly shape financing outcomes and the distribution of benefits across firms and regions. This study develops an integrated framework linking digital finance, financing constraints, financial inclusion, and strategic resource allocation. Drawing on financial intermediation, information asymmetry, institutional theory, the resource-based view, and digital ecosystem perspectives, it conceptualizes digital finance as an institutional mechanism transforming financial accessibility, credit assessment, and capital allocation. A mixed-methods design combines bibliometric analysis, panel-data econometric modeling, structural equation modeling, and enterprise surveys. The longitudinal analysis covers publicly listed firms from 2013 to 2025 across multiple sectors and institutional environments. Digital finance indicators capture payment penetration, technology adoption, digital credit accessibility, online service integration, and artificial intelligence capabilities, while financing measures assess constraints, credit access, and allocation efficiency. Findings indicate that digital finance reduces financing constraints through greater transparency, lower transaction costs, and improved financial access. Reduced information asymmetry mediates this relationship, while institutional quality and digital capability moderate its strength. Small and medium-sized enterprises, innovation-oriented firms, and digitally adaptive organizations benefit more strongly, whereas weak institutions and limited infrastructure constrain gains. The study advances an integrated explanation of heterogeneous financing outcomes and offers guidance for policymakers, lenders, and managers. Sustainable financial inclusion requires coordinated investment in digital infrastructure, organizational capabilities, institutional governance, and inclusive services.