The transformation of digital economy has put forward higher financial support requirements for “specialized and special new enterprises” to improve their innovation performance. This paper takes the A-share listed specialized and special new companies from 2012 to 2021 as the research sample, uses text analysis and social network analysis to defi ne the enterprise knowledge network, uses SA index to construct the fi nancing constraint index of specialized and special new enterprises, and discusses how specialized and special new enterprises can ease the financing constraint and improve innovation performance from the perspective of knowledge network. The study found that reducing the centrality of knowledge networks of specialized and special new enterprises can significantly improve the innovation performance of enterprises, and financing constraints play a positive regulatory role in this relationship. The heterogeneity test based on the micro characteristics of enterprises shows that, in enterprises with the integration of the two positions of chairman and general manager and the high degree of equity checks and balances, due to the low degree of information asymmetry, reducing the centrality of knowledge networks has a more signifi cant effect on the improvement of enterprise innovation performance and the regulatory effect of fi nancing constraints. Further research shows that the digital transformation of specialized and special new enterprises can signifi cantly enhance the positive regulatory role of fi nancing constraints in relationship between knowledge networks and enterprise innovation performance. The research conclusions of this paper have guiding signifi cance for specialized and special new enterprises to strengthen the protection of intellectual property rights, firm the “differentiated” competitive strategy, create core competitive advantages by making full use of knowledge resources, thus easing fi nancing constraints, and creating as well as maintaining innovative performance.