| Over the past 40 years of reforming and opening-up,SMEs have played an important role in China's economic development,especially in the production of social products,national tax creation,job supply,market vitality empowerment and so on.But for a long time,the financing of SMEs has always been faced with large financing constraints,which are mainly manifested in financing difficultly,expensively and slowly.The long-term existence of this problem is not only due to the diathesis of SMEs themselves,such as short operating history,less mortgage assets and insufficient credit capital,but also due to external environment,such as insufficient development of financial market,unreasonable financial structure and imperfect financing system and mechanism.In addition,the operation logic of traditional financial activities,that is,the risk-benefit matching mechanism of "dislike the poor and love the rich" is also an important cause of financing constraints of SMEs.From the above reasons and the economic background of the times,many scholars have carried out a more in-depth study on the financing problems of SMEs,and have established such theories as priority financing,enterprise growth,information asymmetry and inclusive finance to provide solutions.But generally speaking,the financing environment of SMEs has not been completely improved,and even has a strong rebound in a specific period.Before and after 2018,China's SMEs once again faced more serious financing problems.For this reason,general secretary Xi Jinping held a private enterprise forum at the end of 2018,which emphasized that ?We should give priority to solving the problem of financing difficulties or even lack of financing for pri vate enterprises,especially SMEs,and gradually reduce financing costs.? It has become an urgent problem for theory and practice to continue to seek the financing path of SMEs.With the continuous development of big data,cloud computing,artificial intelligence,blockchain and other digital technologies and their application in the financial field,various types of digital financial service models are constantly innovating.Digital finance,with its mining and utilization of data financial information val ue,continues to show its value in the realization of financial inclusive services.It provides a new way to solve the financing problems for SMEs which are excluded by the traditional financial system due to the lack of credit data information.So,what is the logic of financial economics for digital finance to achieve financial inclusion? Can digital finance really solve the financing paradox faced by SMEs? If we can effectively alleviate the financing constraints faced by SMEs,what are the specific ways? In addition,since the "mass entrepreneurship and innovation",the whole society has set off a vigorous wave of entrepreneurship,which provides a new source of vitality for social and economic development.However,many start-up enterprises in the seed and embryonic stages of enterprise development are also part of SMEs,and they are also faced with venture financing constraints,then,does digital inclusive finance have the same effect on its financing constraints? What factors influence this effect? Finally,based on the sustainable development and application of digital technology,is it possible to establish a set of digital finance innovation system for SME financing,which include traditional and new financial institutions,SMEs and their upstream and downstream enterprises,and financial regulatory institutions,so as to provide a perfect solution for SMEs' financing? The above questions are all the questions that this thesis tries to answer.First of all,this thesis discusses and reviews the basic theoretical issues of SMEs and digital finance development,and combined with China's reality,this thesis discusses the problems existing in the financing process of SMEs and the existing solutions,and compares the international experience of solving this problem.At the same time,this thesis analyzes the concept origin,basic connotation and core value of digital inclusive finance,and the innovation environment,innovation power and innovation core value of digital inclusive finance.It holds that there is a strong demand and supply power for digital inclusive finance innovation,and the operation mechanism of innovation and development of digital inclusive finance gives full play to the innovation value of digital finance with financial inclusive servi ce as the core,which becomes a feasible choice to solve the financing constraints of small and medium-sized enterprisesSecondly,using the method of theoretical analysis and deduction,this thesis discusses the theoretical mechanism of digital Inclusive finance to ease the financing constraints of SMEs.First,from the economic environment of digital Inclusive finance and the endowment characteristics of participants,the financial economics analysis framework of digital Inclusive finance is established,which lays a theoretical foundation for understanding the mechanism of relieving financing constraints of SMEs.Secondly,on the basis of analyzing the financing paradox of SMEs in the traditional credit market,an analysis framework including the success probability project investment,financing interest,guarantee rate and credit mortgage is established by introducing the factor of digital inclusive finance into the model.It is believed that digital inclusive finance can solve the financing paradox of SMEs by improving the credit mortgage capital of SMEs,so as to improve the success probability of project investment.Thirdly,based on the empirical description of the development of China's digital Inclusive finance,this thesis tests the actual effect of digital Inclusive finance in easing the financing constraints of SMEs and promoting the entrepreneurial financing of SMEs by establishing research hypotheses.Using the Beijing University Digital finance development index this thesis established an empirical model based on the cash-cash flow financing constraint index.The regression results of fixed effect and differential GMM model show that the development of digital inclusive finance does have a moderating effect on the financing constraints of SMEs to a certain extent,and the mitigation effect of private SMEs is more obvious than that of state-owned SMEs.Digital inclusive finance mainly alleviate the financing constraints of SMEs by using depth and coverage breadth.Among the specific innovative service modes of digital Inclusive finance,the mitigation effect of investment and credit services is the most obvious.In addition,based on the fact that venture capital is the core constraint of entrepreneurial activities,this thesis establishes a research framework of entrepreneurial activity and the development of digital Inclusive finance.The results of fixed effect and systematic GMM analysis show that digital Inclusive finance has a more significant role in promoting entrepreneurial activities,among which using depth is the most important one,followed by coverage breadth,and finally digital degree;In the regional heterogeneity test,it is found that digital Inclusive finance has the best promotion effect on entrepreneurial activities in the central region of China,followed by the western region,and has a certain promotion effect on the eastern region;The lower the urbanization level and the weaker the social capital,the more obvious the promotion effect of digital Inclusive finance on entrepreneurial activities.Finally,on the basis of testing the actual effect of digital Inclusive finance on financing constraints of SMEs and start-up enterprises,this thesis summarizes the full text and puts forward three policy suggestions.Such as building a digital inclusive financial ecological chain for SME financing services,and use it as a public infrastructure for SME financing;promoting the digital transformation of financial institutions actively in order to improve the financing efficiency of small and medium-sized enterprises;building a regulatory sandbox regulatory mechanism and giving full play to the resource allocation effect of effective market and the regulatory role of promising government,inorder to serve the financing of SMEs by promoting the innovation of digital inclusive finance.This thesis believes that the technical transformation of traditional financial services by digital technology has changed the way of financial operation to a certain extent,and its core value lies in financial inclusive services,which provides a new idea for easing the financing constraints of SMEs,and empirical research also confirms the practical value of digital Inclusive finance in solving this problem.Focusing on how to better promote the combination of digital technology and financial service innovation,and how to make better use of digital inclusive financial innovation to serve small and medium-sized enterprises,will be the focus of future research... |
PDF Full Text Request