The　digital　transformation　of　enterprises　has　become　an　important　driving　force　in　promoting　the　high-quality　development　of　China＇s　economy　and　in-depth　implementation　of　an　innovationdriven　development　strategy.　To　this　end,　this　study　uses　the　panel　data　of　China＇s　A-share　listed　enterprises　from　2010　to　2019　to　explore　the　relationship　among　enterprise　digital　transformation,　government　subsidies,　and　innovation.　Results　indicated　that　digital　transformation　can　significantly　stimulate　enterprise　innovation.　The　impact　mechanism　test　shows　that　the　digital　transformation　of　enterprises　can　increase　their　R&D　expenditure　and　alleviate　their　financing　constraints,　thereby　jointly　promoting　enterprise　innovation　in　terms　of　innovation　resources　and　financing　resources.　Furthermore,　heterogeneity　analysis　indicates　that　digital　transformation　has　a　greater　incentive　effect　on　private　enterprises,　non-technology　enterprises,　service　industries,　and　growth　stage　enterprises.　By　introducing　special　financial　subsidies　for　digital　transformation,　special　financial　subsidies　for　digital　transformation　are　shown　to　have　a　positive　impact　on　the　sensitivity　of　digital　transformation　and　enterprise　innovation.　This　effect　is　also　played　out　through　innovation　spending　and　corporate　finance,　and　the　role　of　long-term　financing　is　greater　than　that　of　short-term　financing.　Therefore,　the　role　of　digital　transformation　in　promoting　enterprise　innovation　must　be　actively　played　to　achieve　a　high-quality　development　of　the　regional　economy.