Research On The Impact Of Digital Financial Development On The Growth Of Small And Medium-sized Enterprise

From the reform and opening up to the present,SMEs have always been an important force in the process of building my country into an economic powerhouse.However,due to its small scale and many access conditions such as mortgage guarantees,Funding bottlenecks have now become a determining element restricting their expansion.Therefore,alleviating the funding limitations of enterprises is a definite wing for business start-ups,which is essential for achieving its own growth and expansion.Digital finance is different from traditional inclusive finance.It is based on emerging digital technologies to realize the online development of inclusive finance.Therefore,it can reach SMEs in a lower cost and more diversified way,provide financial services and products suitable for their financing characteristics,and ease their financing constraints.This paper takes as its object of study companies listed on the corporate growth market from2011 to 2020 and combines the development of digital finance in my country and the status quo of corporate growth to make a proper study of the impact of digital finance development on corporate growth.Among them,the development level of digital finance is represented by the digital financial inclusion index at the municipal level,and the enterprise performance is to be measured by a holistic enterprise performance score,which is based on an element analysis.The influence of enterprise growth,and the necessary endogenous analysis and robustness test were carried out;the proxy for the effect of the model has been used to measure the pattern of the influence of the expansion of digital finance on business growth;and the effect of digital finance development on scale was tested through heterogeneity analysis The influence of different enterprises with different property rights and different levels of marketization in different regions.The outcomes of the survey reveal that: First,the expansion of digital finance can strongly foster the development of small and medium-sized firms.Digital finance reduces information asymmetry between banks and businesses through big data technologies.While facilitating pre-loan review and post-loan tracking,it also encourages firms to raise the level of information disclosure and to make their businesses grow.Second,the expansion of digital finance can potentially enhance the company’s financing environment and alleviate the company’s financing difficulties.Among them,reducing the degree of information asymmetry,improving the traditional financial environment and the limitations of enterprises themselves are the main ways for digital finance to ease corporate financing constraints.Third,the promotion of digital finance clearly has an important role to play in stimulating the growth of SMEs.,and financing constraints play a partial intermediary effect.Fourth,The results of the heterogeneity analysis show that the expansion of digital finance plays a more prominent part in the growth of private firms and which in regions with relatively higher levels of commercialisation,and relatively small-scale enterprises.