Research On The Influence Of Financial Technology Innovation On The Financing Mode Of Small And Medium-Sized Enterprises

Small and medium-sized enterprises are the main body of the market to adjust the economic structure and promote innovation and entrepreneurship,and play an important part in the national economy.However,the external financial support received by small and medium-sized enterprises in China has been inconsistent with their status,facing problems such as insufficient supply of funds,single financing channel and high cost.In recent years,with the rise of artificial intelligence,big data,cloud computing,blockchain and other science and technology,and the development of integration with finance,technology-driven financial model continues to innovate,which provides a new way to solve the financing difficulties of small and medium-sized enterprises.This paper takes credit rationing theory,financial growth cycle theory and financial repression theory as the theoretical basis,combined with the application of big data,blockchain,crowdfunding and P2 P network lending in the financing model of small and medium-sized enterprises.analyze the matching of financial technology and the financing of small and medium-sized enterprises.The paper explains the influence of the development of financial science and technology on the financing mode of small and medium-sized enterprises from both macro and micro aspects,that is,the development of financial technology will broaden the financing channels of small and medium-sized enterprises,improve their financing methods and optimize their capital structure;microcosmic use of empirical analysis,first of all,the use of SPASS factor analysis to build a financial technology index to measure the development of financial technology.Then a VECM model is established to analyze the impulse response of financial science and technology innovation to small and micro credit scale,P2 P network loan transaction volume and equity crowdfunding transaction volume,respectively.It is concluded that the development of financial science and technology has a positive effect on small and micro credit scale in the short term,and maintains a positive effect and lasts after a short shock,but the impact is small.The development of financial technology has a small positive effect on P2 P network lending volume at the initial stage,then turns to negative effect,and the long-term impact is negative and stable;the development of financial technology has a large negative effect on equity crowdfunding turnover in the short term,and then the negative impact gradually shrinks,and the fourth phase remains stable.On the end,according to the conclusions of empirical analysis,this paper puts forward policy suggestions on financial science and technology innovation to support the financing development of small and medium-sized enterprises from the levels of government,commercial banks,small and medium-sized enterprises and so on.