An Empirical Analysis Of Digital Inclusive Finance Alleviating Financing Constraints Of Smes

With continuous development and growth of small and medium-sized enterprise community,small and medium-sized enterprises are playing a more and more obvious role in economic development of our country,but at the same time,they also face financing difficulties.Although traditional inclusive finance has solved some financing problems of small and medium-sized enterprises,the traditional financial service model is subject to strong regional restrictions,especially in the debt financing of small and medium-sized enterprises,the inter-regional capital flow is difficult to achieve,and there is a serious problem of information asymmetry.However,the development of digital inclusive finance has broken the regional restrictions and solved the "last mile problem" of traditional financial services.It plays an important role in alleviating the financing difficulties of small and medium-sized enterprises.First of all,this paper reviews the recent development of digital inclusive finance and relevant research on smes’ financing constraints,and summarizes relevant policies to support smes’ financing,thus confirming the objective fact that smes have financing constraints.In terms of theoretical analysis,the reasons for financing constraints of smes are analyzed based on information asymmetry theory and transaction cost theory,and the theoretical basis for digital inclusive finance to alleviate financing constraints of smes is analyzed based on the 80 th law,the Long tail effect theory and the digital economy theory.By analyzing the mechanism of digital inclusive finance to alleviate smes’ financing constraints,it is concluded that digital inclusive finance can alleviate smes’ financing constraints by reducing financial costs and broadening financing channels.The heterogeneity of smes with different property rights and different levels of economic development is analyzed,and the influence of digital inclusion finance on the level of innovation input is further analyzed when the financing constraints of smes are eased.On this basis,the corresponding hypothesis is put forward.Secondly,in terms of empirical analysis,this article collected and organized data from769 companies on the Chi Next board,selected a cash cash flow sensitivity model to verify the fact that small and medium-sized enterprises have financing constraints,and combined with the Peking University Digital Inclusive Finance Index to confirm the theoretical basis of the above.Finally,because the financing channels of GEM enterprises are more than unlisted SMEs,it cannot fully represent the financing status of all SMEs.To make up for this deficiency,this paper adds the data of new third board enterprises to further verify the easing effect of digital inclusive finance on the financing constraints of SMEs in the robustness test.This paper summarizes the content of the full text,and puts forward corresponding countermeasures and suggestions,in order to better promote the development of digital inclusive finance and small and medium-sized enterprises.