Research On Financing Constraints Of Small And Medium-sized Enterprises And Digital Inclusive Finance

For a long time,inclusive finance has always been a high concern of the theoretical and practical circles.Digital inclusive finance combined with Fintech and inclusive finance can serve vulnerable groups.Digital inclusive finance services for small and medium-sized enterprises,where “expensive loans” have always been a problem that needs to be solved.Digital inclusive finance can alleviate the financing constraints of small and medium-sized enterprises.Commercial banks play an important role in digital inclusive finance,and have important theoretical significance and practical value in studying small and medium-sized enterprises.This paper summarized the relevant theories of digital inclusive finance and small and medium-sized enterprises——under the perspective of commercial banks;Then,this paper discussed and analyzed the theory of digital inclusive finance alleviating the financing constraints of small and medium-sized enterprises,and at the same time analyzed the three mechanisms of bank-enterprise relations,bank efficiency and bank risk;Finally,the data of the WIND database New Third Board enterprises and CSMAR’s bank data were used for empirical test,the result shows:First,digital inclusive finance can alleviate the financing constraints of small and medium-sized enterprises,after considering endogenous and conducting a stable test,conclusion is still stable.This effect has heterogeneity: Digital inclusive finance has a significant impact on the more developed eastern regions,but it has a weaker impact in the central and western regions;digital inclusive financial services have a good response among innovative and specialized enterprises,and the response is relatively low in non-innovative and non-specialized enterprises.Second,the mechanism of digital inclusive finance alleviating the financing constraints of small and medium-sized enterprises is bank-enterprise relations,bank efficiency and bank risk.Specifically: Digital inclusive finance relieves the financing constraints of small and medium-sized enterprises by deepening bank-enterprise relations;digital inclusive finance has reduced the transaction cost by enhancing the efficiency of banks,therefore,banks can provide more credit services for small and medium-sized enterprises,in this way,the financing constraints are alleviated;the level of bank risk has a regulatory effect,the lower the risk of banks,the stronger the relief effect of digital inclusive finance on financing constraints of small and medium-sized enterprises.Third,whether it is a direct impact or indirect impact,the impact of digital inclusive finance is concentrated in "technical effects",not "scale effects" 。Specifically: The depth and digitalization of digital inclusive finance have a significant impact on the financing constraints of small and medium-sized enterprises,but the breadth of coverage has no significant effect;In mechanism analysis,banks’ technical efficiency and pure technical efficiency have played an intermediary role in digital inclusive finance to alleviate financing constraints,and banks’ scale efficiency has not played an intermediary role.