Can Digital Inclusive Finance Ease Lending Constraints?

In recent years,digital inclusive finance has been developing rapidly in China.Under this background,it is of great significance to study the influence of the development of digital inclusive finance on the constraint of residents' lending and borrowing.This thesis uses the provincial digital inclusive finance index of Beijing University as indicators to measure the development of digital inclusive finance,and combines the panel data of China Family Panel Studies(CFPS)of the year 2014,2016,2018 for empirical analysis.First of all,three years of panel data are used for regression analysis using fixed effect model.It is found that the development of digital inclusive finance can significantly reduce household borrowing constraints,by studying three secondary indexes of the digital inclusive finance index,it is found that the enhanced using depth of digital inclusive finance is the main reason why the household borrowing constraints eased.In order to verify the robustness of the results,the instrumental variable method and the method of replacing the explained variables are also used to verify the results.The results are found to be robust and reliable.This thesis also further studies how digital inclusive finance affects household borrowing constraints.Mechanism analysis shows that the development of digital inclusive finance improves residents' income,thus easing household borrowing constraints.After that,this thesis continued to study the influence of digital inclusive finance development on different groups.The heterogeneity analysis showed that: From the point of view of residents with multiple houses and those without multiple houses,digital inclusive financial development can effectively ease the loan constraints of residents without multiple houses,but it has no significant impact on the loan constraints of residents with multiple houses.From the perspective of urban and rural areas,digital inclusive finance development can not only alleviate the borrowing constraints of rural residents,but also alleviate the borrowing constraints of urban residents.From the perspective of educational background,the development of digital inclusive finance can ease the reception constraint of the group with low educational background as well as that of the group with high educational background,but the effect was more pronounced for the highly educated group.