Research On The Impact Of Inclusive Finance On The Financing Constraints Of Private Enterprises

Since the reform and opening up,private enterprises have continued to grow and develop.As the economic group with the most potential for development,it occupies an increasing proportion in the national economy and gradually becomes the main engine to promote the China 's rapid economic development.However,the status of private enterprises in the resource allocation structure is relatively low.The shortage of funds,financing difficulties,and expensive financing have become the bottlenecks for the sustainable and healthy development of private enterprises,which negatively affects the sustainable development of private enterprises and the ability as a market players in market competition.Promoting Inclusive Finance to boost the development of private enterprises can break the invisible barriers of financial institutions serving private enterprises,improve the ability of external financing for private enterprises,effectively alleviate the financing constraints faced by private enterprises,and fully stimulate the vitality and creativity of private economy.Based on the theoretical analysis of the influence of Inclusive Finance on the financing constraints of private enterprises,this paper takes 2443 A-share private listed enterprises in stock markets of Shanghai and Shenzhen as the research object from 2011 to 2018,and uses the two-way fixed effect method to test the effect of Inclusive Finance on financing constraints of private enterprises.The research results show that: The development of Inclusive Finance can obviously ease the financing constraints of private enterprises,and the impact of Digital Inclusive Finance is more significant than that of Inclusive Finance.There are regional differences in the impact of Inclusive Finance on financing constraints of private enterprises.Inclusive Finance can alleviate the financing constraints of private enterprises in the eastern regions and central regions,while Inclusive Finance cannot play a significant role in the financing constraints of private enterprises in the western regions.Inclusive Finance can have a significant impact on large private enterprises with strong economic strength and strong brand strength,while Inclusive Finance has limited impact on small private enterprises at the end.The external institutional environment will restrict the alleviation effect of Inclusive Finance on the financing constraints.In the developed financial market with a good legal system environment and a high level of economic development,the development of Inclusive Finance is conducive to alleviating the financing constraints of private enterprises.Thus,the corresponding policy recommendations are proposed.It should strengthen the infrastructure construction of Inclusive Finance and strengthen services for private enterprises.It should promote the innovative development of Digital Inclusive Finance and improve the availability of external financing for private enterprises.It should improve the financial supervision mechanism and promote the healthy and sustainable development of Inclusive Finance.It should improve external institutional conditions and build an Inclusive Financial environment that supports the development of private enterprises.