International Experience Study Of The Impact Of Inclusive Finance On SME Financing

At present,China’s economic operation shows a rapid and stable growth trend.It is in a critical period of economic structure adjustment,transformation of old and new kinetic energy and transformation and development.The phenomenon of economic"shift" is obvious.The downward movement of total amount and growth makes the problems of enterprise financing more and more obvious.Premier Li Keqiang said:"we should do everything possible to make small,medium-sized and micro enterprises and self-employed households survive!" With the efforts of the government and all aspects,the financing difficulties of small and medium-sized enterprises have been alleviated to a certain extent,but the contradiction between financing supply and demand of small and medium-sized enterprises is still prominent.Therefore,it is of great significance to explore a new mechanism to effectively alleviate the financing constraints of small and medium-sized enterprises.The concept of digital Inclusive Finance provides a new solution to this problem.Based on traditional Inclusive Finance,digital inclusive finance pays more attention to the application of digital technology,reduces information asymmetry and reduces the cost of financial services through information technology and product innovation,so as to broaden the financing channels of small and medium-sized enterprises and reduce the financing cost of small and medium-sized enterprises,Improve the financing efficiency of small and medium-sized enterprises and effectively alleviate the financing constraints of small and medium-sized enterprises.Based on the intermediary effect of financing constraints and enterprise risk-taking,this paper studies the impact of digital Inclusive Finance on enterprise financing.The results show that:first,there is a significant negative correlation between digital Inclusive Finance and enterprise financing.Second,the impact of digital Inclusive Finance on enterprise financing is heterogeneous due to the nature of property rights,regional differences,industry nature and marketization level.Specifically,non-state-owned enterprises,high-tech industries,enterprises with high regional differences and enterprises with low marketization level,digital Inclusive Finance has a greater negative effect on enterprise financing.Third,risk-taking and financing constraints play an intermediary role in the impact of digital Inclusive Finance on enterprise financing.First,digital Inclusive Finance reduces corporate financing by reducing the level of risk-taking.Secondly,the digital Inclusive Finance of holding shares increases the financing constraints of enterprises,increases the financing cost of enterprises,and decreases the financing willingness,so as to reduce the financing cost of enterprises.Finally,based on the analysis of empirical results,this paper puts forward some suggestions in order to promote the improvement of enterprise financing of the new third board.