Research On Value Co-creation Mechanism Of Digital Inclusive Finance

Financial technology has greatly reshaped how financial services are created,supplied and evaluated.,which is widely acknowledged as fostering the advancement of digital inclusive finance.It needs to be further explored whether financial institutions,as the main providers of inclusive financial services,can solve the paradox to balance inclusiveness and business sustainability of digital inclusive financial services driven by digital technology,so as to realize value co-creation on the demand and supply sides of financial services.Backed by prospect theory and service encounter theory,this paper articulated the value creation mechanism and practical effect of digital inclusive service ecosystem based on evolutionary game analysis and casual analysis.It discussed the game models between commercial banks,financial technology companies,SME enterprises from the perspective of prospect theory,collected the news from the past year related to inclusive finance from People.com and visualized it through word clouds and social network analysis,and then sorted out the relevant literature of digital inclusive financial service ecosystem.Then,two PSM-DID casual econometric models were combined for further inspection.Based on the service encounter theory,the first one viewed cooperation between commercial banks and Fin Tech companies as a quasi-natural experiment,utilized data from bank non-performing loans and service quality to confirm the overall impact of cooperation on the risk of bank digital inclusive financial loans.The second one examined whether small and medium-sized businesses,by improving their information disclosure in the context of targeted reduction of the interest rate of inclusive lending,may support banks in reducing information asymmetry and relieve their own financing constraints.According to the findings of the aforementioned two studies,it is concluded that enterprise users,traditional financial institutions and financial technology enterprises in the financial service ecosystem can improve the quality and quantity of digital inclusive financial services,reduce the risk and information cost of digital inclusive financial services,and realize the value co-creation of the digital inclusive financial service ecosystem by improving the quality of information disclosure and cooperation.The implication of this paper is that from the perspective of behavioral finance and service encounter theory,we use the method of causal model to explore the value co-creation mechanism of all participants in the digital inclusive financial service ecosystem.Traditional financial institutions should actively explore the quality improvement of digital inclusive financial services,involving application context exploration,risk monitoring and management.It’s also important to reduce the cost of information disclosure for SMEs with the help of financial technology,and guide them to the benign development path of digital transformation.This paper enriched the literature of digital inclusive finance and value co-creation,and brings some practical enlightenment and theoretical value to the risk prevention mechanism and cooperative practice scheme of digital inclusive finance.