本文选取九年间我国271个地级及以上城市为研究样本，采用系统GMM模型深入探讨数字金融对城市创新质量的影响。研究发现：数字金融对城市创新质量的提升具有显著的正向促进作用，促进作用程度依次为覆盖广度、使用深度、数字化程度。在城市规模异质性中，大城市、特大城市以及超大城市两者关系均表现为显著的正向促进作用，中小城市则表现为反向抑制作用；在城市等级异质性中，一线、二线、三线以及四线城市两者关系均表现为显著的正向促进作用，五线城市则表现为反向抑制作用；在城市地域异质性中，东、中、西部地区两者关系均表现为显著的正向促进作用，其中中部促进效果较大，西部次之，东部相对较小。为进一步推进数字金融发展，应制定和完善数字金融相关领域的政策和实施细则，做好数字金融与企业尤其是中小微企业的对接；加强存量金融机构的改革和增量金融机构业务的拓展，拓宽数字金融的覆盖面，加强使用深度，充分发挥数字金融在地域、时空上的优势；因地因城施策，促进数字金融均衡发展。

Based on the sample of 271 cities at prefecture-level and above in China from 2011 to 2019， this paper uses the system GMM model to explore the impact of digital finance on the quality of urban innovation. The results show that digital finance plays a significant positive role in promoting the quality of urban innovation， and the promotion effect are in the following order： coverage， depth of use and digitalization. In terms of heterogeneity of city size， the relationship between digital finance and innovation quality in big cities， mega-cities and mega-cities shows a significant positive promoting effect， while in small and medium-sized cities it shows a negative inhibiting effect. In terms of the heterogeneity of urban hierarchy， the relationship between digital finance and innovation quality in the first-tier， second-tier， third-tier and fourth-tier cities all show significant positive promoting effect， while in the fifth-tier cities it shows a negative inhibiting effect. In terms of urban regional heterogeneity， the relationship between digital finance and innovation quality in the eastern， central and western regions shows a significant positive promoting effect， in which the central region shows a greater promoting effect， followed by the western region， and the eastern region is relatively small. To further promote the development of digital finance， we should formulate and improve policies and implementation rules in the related fields of digital finance to ensure the docking of digital finance with enterprises， especially small and medium-sized enterprises； strengthen the reform of stock financial institutions and the expansion of incremental financial institutions， broaden the coverage and enhance the depth of use of digital finance， and give full play to the advantages of digital finance in region， time and space； and implement policies according to regions and cities to promote the balanced development of digital finance.