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

Small and medium-sized enterprises(smes)are the fastest-growing,largest number and highest employment rate component of the national economy,which plays an extremely important role in promoting economic growth,innovation,employment,improving the competitiveness of China’s products and social stability.The development of small and medium-sized enterprises not only provides a large amount of tax revenue for the country,but also acts as a supplier of high-quality and cheap products in the international market,earns a lot of foreign exchange for China,and provides a good guarantee for the transformation of China’s manufacturing industry.Therefore,supporting and developing small and medium-sized enterprises is an important strategic choice to promote economic development and carry out supply-side reform.Digital financial inclusion refers to the use of digital technologies and innovative financial models to create a financial service that can be popularized and inclusive,mainly providing appropriate financial services for micro,small and medium-sized enterprises,rural residents and low-income groups.Digital financial inclusion has strong features of inclusion and inclusiveness.The financial troubles of smes are mainly due to financing constraints.The intrinsic role of digital inclusive finance coincides with the financial dilemma that smes need to solve,which plays a significant role in the sustainable development of smes.Digital inclusive finance is an important external force to promote the sustainable development of small and medium-sized enterprises.In order to explore the role of digital inclusive finance on the sustainable development of small and medium-sized enterprises,this paper is based on the 2014-2020 financial data of small and medium-sized enterprises on the Growth Enterprise Market,using the Peking University Digital inclusive finance index and SA index,and through the fixed effect and intermediary effect model,This paper empirically analyzes the influence process and mechanism of digital inclusive finance on the sustainable development of small and medium-sized enterprises,and conducts robustness test to replace dependent and independent variables.Finally,it explores the difference of digital inclusive finance on small and medium-sized enterprises in different industries and regions,and conducts heterogeneity analysis.The results show that: first,digital inclusive finance plays a significant role in promoting the sustainable development of smes,more than 50% of which indirectly affects smes by easing financing constraints;Secondly,through the heterogeneity analysis,it is found that the development of digital inclusive finance plays a stronger role in promoting enterprises,Internet and computer industry in western China.This paper provides enlightenment for the formulation and implementation of digital financial inclusion policies.