Research On The Mitigation Effect Of Internet Finance On The SME Financing Constraints In China

In recent years,China has successively promulgated a series of policies and policies to support the development of SMEs(small and medium-sized enterprises),but financing constraints remain the most important problem facing the survival and development of small and mediumsized enterprises in China.At the same time,China's Internet finance is in a stage of rapid development,which not only forces the reform of traditional financial institutions,but also drives the upgrade of the entire financial market payment,credit reporting,risk management and other services.Internet finance has the advantage that traditional finance does not have in alleviating information asymmetry,reducing financing costs and improving financing efficiency.It is of great theoretical and practical significance to discuss the impact of Internet finance on SME financing constraints.This paper closely follows the research theme of the mitigation effect of Internet finance on the financing constraints of SMEs in China.Firstly,it expounds the current basic theories about financing constraints.Secondly,it sorts and summarizes the research literature on the financing constraints of Internet finance to alleviate SMEs.Third,it analyzes the mechanism of Internet finance to alleviate the financing constraints of SMEs.On this basis,it introduces the actual mitigation of China's Internet finance to the financing constraints of SMEs at the present stage.Finally,the application of the factor analysis method to construct the Internet financial development index,select the small and medium-sized listed companies in 2009-2017 as a research sample,using cash-the cash flow sensitivity model empirically examines the specific effects of Internet finance to alleviate the financing constraints of SMEs and the variability of industry and equity nature differences.The research results show that the cash flow coefficient of SMEs is significantly positive at the level of 1%,that is,the financing constraints of SMEs in China are widespread;the coefficient of interaction between Internet finance development and cash flow is-0.465,and at the level of 1%.Significantly,the verification of Internet finance has indeed alleviated the financing constraints of SMEs in China;the coefficient of interaction of private SMEs-0.529 is greater than the coefficient of interaction of state-owned SMEs-0.268,showing that the developing Internet finance has a greater mitigation effect on the financing constraints of private SMEs..From the perspective of industry,the interaction coefficient of labor-intensive enterprises,technology-intensive enterprises and capital-intensive enterprises are-0.655,-0.502,-0.288,respectively,that is,the development of Internet finance can reduce the financing constraint level of labor-intensive enterprises.Based on the above research,this paper proposes policy recommendations from the perspectives of the Internet finance industry itself,SMEs,and the national level to promote the healthy development of China's Internet finance and promote the better use of Internet finance by SMEs.