The Impact Of Digital Inclusive Finance Development On The Investment Efficiency Of The Real Economy

This paper aims at the problems of financing difficulty of small and medium-sized enterprises and financial "from the real to the virtual".We examines whether the development of digital inclusive finance can promote the investment efficiency of enterprises and discusses its realization mechanism from the micro level,and further analyzes the difference of the impact of digital Inclusive Finance on the investment efficiency of enterprises with different financing constraints.By selecting the panel data of small and medium-sized private listed companies and empirical analysis of the relationship between the development level of digital Inclusive Finance and investment efficiency,we can draw the following conclusions:(1)When the listed companies are restricted by high financing,the investment level of the company is often low and the phenomenon of insufficient investment appears.This further shows that when the private enterprises listed on the small and medium-sized board of China are subject to higher financing constraints,there will generally be insufficient investment.(2)The development of digital inclusive finance can have a positive impact on the level of financing constraints of listed companies.The higher the level of financing constraints faced by listed companies,the more obvious the impact of digital inclusive financial index on financing constraints of listed companies.(3)When the degree of financing constraints of listed companies is at a high level,there is a negative correlation between the degree of development of digital Inclusive Finance and the lack of investment in inefficient investment.If the development level of digital Inclusive Finance is high,even if the listed companies have insufficient investment due to the high level of financing constraints,they can still reduce the capital pressure of enterprises by easing the financing constraints,so as to better grasp the investment opportunities and improve the situation of insufficient investment of listed companies.(4)When the degree of financing constraints of listed companies is at a low level,the degree of development of digital Inclusive Finance has no significant impact on the over investment of companies.It is undeniable that when the level of financing constraints faced by listed companies is low,enterprises can obtain enough financing to invest.However,the over investment of enterprises may due to the agency cost problem.At this time,the financing constraints cannot be the intermediary variable of the development and over investment of digital Inclusive Finance.(5)Before the per capita GDP reaches the threshold,the development of digital Inclusive Finance will restrain investment efficiency,but when it crosses the threshold,it will promote the improvement of investment efficiency.This may because our government plays an important role in the financial market,which restricts the development of the financial market in many aspects,resulting in the financial policy transmission mechanism is not smooth enough,which causes the digital financial policy to need a certain time lag to play a role,especially the more backward areas of economic development adapt to the new policy for a longer time.In this period,there may be unreasonable mismatch of financial resources,which makes the development of digital Inclusive Finance restrain the investment efficiency,but after this delay period,the development of digital Inclusive Finance will promote the improvement of investment efficiency.