The Influence Of Digital Inclusive Finance Over SEMs’ Investment Behavior

The report of the 20 th National Congress of the Communist Party of China pointed out that "we should accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,and build a digital industrial cluster with international competitiveness." In the financial field,digital inclusive finance,with its digital advantages,can not only provide richer financial services,but also reduce transaction costs and ease the financing constraints faced by enterprises;Small and medium-sized enterprises are the pioneers in the development of new industries and an indispensable part of economic growth.First of all,theoretical analysis is carried out,and relevant research assumptions are put forward based on this.On this basis,based on 2011＿In 2021,the data of listed companies on the SME and GEM of Shenzhen Stock Exchange and the digital inclusive financial index will be used to build an empirical model＿The time two-way fixed effect model identifies and discusses the impact and mechanism of digital inclusive finance on the investment behavior of physical enterprises.After the robustness test,the heterogeneity analysis is carried out according to the different dimensions of digital inclusive finance and the different nature of enterprise property rights.The research shows that digital inclusive finance inhibits the financial and industrial investment behavior of small and medium-sized enterprises,and promotes the R&D investment of small and medium-sized enterprises;The mechanism test shows that digital inclusive finance has an impact on the investment behavior of small and medium-sized enterprises by easing the financing constraints of enterprises and reducing transaction costs;Heterogeneity analysis found that the coverage of digital inclusive finance has a significant impact on enterprise investment behavior,and the impact of digital inclusive finance on enterprise investment behavior is more significant for non-state enterprises.Based on the above conclusions: the government should dialectically view the development of digital inclusive finance,use appropriate policies to guide finance to better serve the real economy,optimize the development environment of the real enterprises,so as to narrow the profit gap between the income of the real economy and the income of the virtual economy,promote enterprises to reduce their investment in the virtual economy,and enhance their investment in the real economy;In addition,while promoting the deep integration of inclusive finance and digitalization,we should pay attention to regional and industrial differences.The enterprise level should have a digital strategic vision,actively embrace the digital financial environment,strengthen the contact and cooperation with technology companies and financial institutions,and realize the digital upgrading of production and operation as soon as possible.