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

China’s economic growth enters the new era of development,small and medium-sized enterprises are contributing more and more to our economy.However,the financing constraint problem still exists in Chinese small and medium-sized enterprises,which is a big obstacle restricting the development of Chinese small and medium-sized enterprises.Digital financial inclusion is an emerging development model aimed at providing fair and just financial services for all smes.The core of this paper focuses on the impact of digital inclusive finance on the financing of small and medium-sized enterprises in China,which has great significance for exploring relevant mechanism.At the same time,through the theoretical part and empirical two parts of the study,to explore the long-term mechanism to solve the problem of difficult and expensive financing for small and medium-sized enterprises.First of all,in the theoretical aspect,this paper starts from the concept and form of digital financial inclusion and the causes of SME financing.On the one hand,digital financial inclusion can be divided into broad sense and narrow sense.Broad sense of digital financial inclusion includes two parts,one is the emerging Internet enterprises engaged in financial transactions,the other is the digital financial transactions in traditional financial institutions,which is the so-called digital transformation of traditional financial institutions.The so-called narrow digital financial inclusion only includes Internet companies that engage in new financial transactions.This paper uses the concept of digital financial inclusion in a broad sense.On the other hand through exploring information asymmetry theory,credit rationing theory,financial innovation theory,this article analyzes the reason and mechanism of the small and medium-sized enterprise financing,this includes not only due to information asymmetry caused by the adverse selection and moral hazard problems,also contains policy influence evident thus appeared some financial institutions rely on state-owned enterprises such as the factors hindering the research on the small and medium-sized enterprise financing.In addition,this paper also summarizes and elaborates previous studies on the relationship between SME financing and digital financial inclusion,which further lays a theoretical foundation for this research.Secondly,this paper discusses the development of digital inclusive finance and the problems facing smes financing and the current development situation.In terms of digital inclusive finance,it focuses on the development process and development form of digital inclusive finance.In terms of small and medium-sized enterprises,this paper analyzes the current situation of Chinese small and medium-sized enterprises’ financing from the comparison of state-owned enterprises’ financing and private enterprises’ financing scale and financing cost in various regions.Finally,this paper draws on the cash-cash flow sensitivity model to build an empirical model,and adopts the digital Financial Inclusion Index of Peking University from 2016 to 2020 and the relevant financial data of 4819 small and medium-sized enterprises in China to conduct an empirical study.In this paper,data are divided into regions,types and industries of enterprises to study the mitigation effect of digital financial inclusion on financing constraints of smes.Then the key variables are replaced to carry out the robustness test,so as to ensure the stability and reliability of the empirical test results.At the same time,based on the empirical results and relevant research,this paper also puts forward some constructive suggestions for digital inclusion finance to better alleviate the financing problems of small and medium-sized enterprises.