Research On The Impact Of Digital Financial Inclusion Development On The Value Of Small And Medium-sized Enterprises

Small and medium-sized enterprises are an important growth point of China’s overall economy.Therefore,the development of small and medium-sized enterprises is not only related to themselves,but also plays a vital role in the growth of China’s economy.Compared with enterprises,which only rely on the strength of large-scale investment and the rate of return,it is difficult for small and medium-sized enterprises to realize the overall risk-taking.At present,the development of the real economy is difficult,which has a particularly negative impact on the promotion of the value of small and medium-sized enterprises,which is not conducive to the development of enterprises themselves.Therefore,the emergence of digital Inclusive Finance is a new driving force for the development of small and medium-sized enterprises.Compared with traditional Inclusive Finance,its advantage lies in that digital inclusive finance can use scientific and technological means to provide more diversified financial services and help small and medium-sized enterprises solve a series of existing problems.The development of digital Inclusive Finance is precisely through the generation of resource effect and information effect,so as to improve the risk-taking level of enterprises.At the same time,the change of external environment has an impact on the choice of enterprise investment direction.Enterprises improve the degree of financialization to transfer some industrial assets with poor income into financial assets,so as to obtain higher income and realize the improvement of enterprise value.Based on the research and analysis of the long tail theory,financial development theory,information asymmetry theory and enterprise value theory,this paper analyzes the impact of the development of digital Inclusive Finance on the value of small and medium-sized enterprises by taking the level of enterprise risk-taking and the degree of financialization.According to the inclusive characteristics of digital Inclusive Finance,this paper focuses on China’s small enterprises.Therefore,716 board and gem are selected,their panel data from 2011 to 2018 are taken,Peking University Digital inclusive finance index is selected as the index to measure the development of digital Inclusive Finance,Tobin Q value is used as the index to calculate enterprise value,and a two-way fixed effect model is constructed,Test the impact of the development of digital Inclusive Finance on the value of small and medium-sized enterprises,and conduct grouping regression for different ownership enterprises to find the differences,and adopt the method of stepwise regression to test the intermediary effect of enterprise risk-taking level and financialization degree.The study found that the development of digital inclusive finance can effectively boost the value of enterprises,and improve the risk-taking level of small enterprises and improve the degree of enterprise financialization.At the same time,the risk-taking level and financialization degree of small enterprises play an intermediary role in the impact mechanism of digital Inclusive Finance on the value of small and medium-sized enterprises.Finally,the analysis of the heterogeneity of enterprise property rights shows that the impact of the development of digital Inclusive Finance on the value of various ownership small and medium-sized enterprises is different.Compared with state-owned small and medium-sized enterprises,the development of digital Inclusive Finance is more conducive to improve the enterprise risk-taking level and financialization degree of non-state-owned small and medium-sized enterprises,so as to further enhance their enterprise value.Therefore,this paper believes that we should make full use of the positive role of digital Inclusive Finance in promoting the value of enterprises;Encourage enterprises to rationally allocate digital inclusive financial resources,strengthen internal governance,improve the level of enterprise risk-taking and the degree of enterprise financialization,and promote the long-term and rapid development of small and medium-sized enterprises;and ensure the healthy and rapid development of digital Inclusive Finance.