| Digital Inclusive Finance,financing constraints and dynamic adjustment of working capital provide important practical significance and theoretical guidance for the study of asset allocation efficiency of small and medium-sized enterprises.In order to explore how the development of digital inclusive finance affects the speed of dynamic adjustment of working capital,this paper selects the listed companies on the SME Board of Shenzhen Stock Exchange from 2011 to 2020 as the research sample,and uses empirical methods such as two-stage System GMM Estimation to deeply analyze the impact of digital Inclusive Finance on the dynamic adjustment of working capital of small and medium-sized enterprises and its mechanism.The research finds that:(1)The development of digital inclusive finance helps to improve the dynamic adjustment speed of working capital of small and medium-sized enterprises;(2)Financing constraint is the complete intermediary variable that digital inclusive finance affects the dynamic adjustment of working capital;(3)Digital Inclusive Finance has a more significant impact on non-state-owned enterprises,enterprises in areas with low financial development,enterprises with fierce industry competition,small and medium-sized enterprises,enterprises with perfect regulatory environment and emerging technology enterprises;(4)The promotion effect of digital Inclusive Finance on the dynamic adjustment of working capital is mainly concentrated in enterprises pursuing radical working capital management policies;(5)For the secondary indicators of digital Inclusive Finance,the use depth,coverage and digitization degree will accelerate the dynamic adjustment of working capital.The research contributions are as follows: Firstly,this paper analyzes how the development of digital inclusive finance affects the dynamic adjustment of working capital,confirms the mechanism of the two,and expands the research scope of digital Inclusive Finance.Secondly,the previous research on the dynamic adjustment of working capital by financing constraints is basically based on the impact of financing constraints on the income of working capital adjustment,ignoring the impact of financing constraints on the cost of working capital adjustment.This paper studies from the perspectives of adjustment income and adjustment cost,which makes up for the gap in the research field.Finally,from the perspective of the combination of macro environment and micro subject,by exploring the logical relationship between digital Inclusive Finance,financing constraints and dynamic adjustment of working capital,this paper enriches the research on the influencing factors of dynamic adjustment of working capital,and provides a theoretical reference for a deep understanding of how the development of financial market affects the efficiency of enterprise asset allocation. |
