In 2015, China proposed the “Made in China 2025” strategy to steadily grasp the upgrading of smart manufacturing enterprises, which plays a decisive role in the high-quality development of Chinese enterprises. This paper selects the financial data of 53 smart home manufacturing enterprises from 2013 to 2022, and selects the output-oriented BCC model and Malmquist index model to analyze the financing efficiency of enterprises. The results show that the overall financing efficiency of smart manufacturing enterprises in China is low, most smart home enterprises have not reached the effective state of DEA, and the financing efficiency of smart home enterprises in different regions is quite different, and the analysis shows that the main factor of the low comprehensive technical efficiency of smart home manufacturing enterprises can be attributed to the decline of pure technical efficiency. From the perspective of spatial distribution, the financing efficiency of enterprises in different regions changes greatly and shows fluctuations in different periods. Based on this, enterprises should speed up the process of digital transformation and expand economies of scale. At the same time, the government should provide financial support to alleviate the financing constraints of enterprises and improve financing efficiency.
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