The application of digital technology provides technical support for small and medium-sized enterprises lacking collateral to transmit real information and form credit

which can effectively alleviate the credit rationing problem in loans for small and medium-sized enterprises. This paper explores the mechanism for digital technology to affect the credit ecosystem

including the formation of credit capital

the shift of the risk preference curve and the innovation of traditional credit model. On this basis

this paper constructs a credit creation model for commercial banks

which proves that the input of digital technology can improve the credit creation ability and risk preference of banks

and the credit model based on digital credit instead of collateral credit can better serve small and medium-sized enterprises. This paper uses the panel threshold effect model to examine the data of listed banks in China

and proves that the risk preference and credit behavior of commercial banks in China are quite different at different stages of digital development. These research results provide enlightenment and reference for us to understand how finance can better serve the real economy

especially small and medium-sized enterprises against the background of digital economy.