Study On The Impact Of Internet Finance On Financing Efficiency Of Small-and-micro-sized Enterprises

With the gradual maturity of Internet Finance,more and more small-and-micro-sized enterprises resort to Internet Finance to solve the financing constraints that can not be avoided under the Traditional Finance environment.A large number of studies show that Internet Finance has many unique innate advantages in promoting the financing of small-and-micro enterprises,but there are also some doubts about the positive role of Internet Finance.So,has Internet Finance played a significant role in improving the financing efficiency of small-and-micro-sized enterprises? If there are problems facing to small-and-micro-sized enterprises when they use Internet Finance to raise money?Based on the definition of financing efficiency,this paper constructs a measurement method of financing efficiency.After comprehensively considering the impact of Internet Finance on financing risks and financing costs,and introducing the dimension of financing constraints at the same time,we construct a framework for the influential mechanism of Internet Finance to the financing efficiency of small-and-micro-sized enterprises.Then this paper has analyzed the influence of Internet Finance on financing efficiency of small-and-micro-sized enterprises by multiple regression model.The results show that Internet Finance does not play an expected positive role in raising the financing efficiency of small-and-micro-sized enterprises.On the contrary,due to the high financing cost and high financing risk,Internet Finance has a negative impact on the financing efficiency of small-and-micro-sized enterprises,and to a certain extent,it can aggravate the negative effect of financing constraints on financing efficiency of small-and-micro-sized enterprises,but the effectiveness of this aggravation is still doubtful.