Abstract: Firstly, the theories of credit rationing, information economics and transaction cost are applied to study the influence of digital transformation of commercial banks on financing efficiency of SMEs (small and medium-sized enterprises) Then, selecting 357 SMEs listed on NEEQ as the research objects, DEA (data envelopment analysis) method is used to measure financing efficiency of transaction and allocation stages in the financing process, and a coupling synergy model is used to measure comprehensive efficiency of the whole financing process The panel regression model is constructed for empirical analysis The results show that digital transformation of commercial banks has significantly positive effects on SMEs transaction and allocation efficiency, as well as comprehensive efficiency, but the effect has a certain lag The positive influence also presents heterogeneity, which is more obvious in non-state-owned SMEs and manufacturing SMEs Finally, countermeasures are proposed to promote digital transformation of commercial banks and improve the financing efficiency of SMEs, including strengthening top-level design and creating distinctive core competitiveness, optimizing the information environment and releasing digital credit value, adjusting the organizational structure and smoothing the internal linkage mechanism, reshaping customer relationships and realizing digital value output, etc

Key words:  commercial bank, digital transformation, SMEs, financing efficiency