| As the main body of market economy,enterprises play a decisive role in economic development.Millions upon millions of main bodies carry the total economic amount of our country,but the problem of difficult and expensive enterprise financing has always existed.The main reason is that in the case of information asymmetry,financial institutions are unable to conduct information investigation in order to reduce transaction costs,so they take credit rationing measures to consider the borrowers’ own factors.At the same time,many enterprises have a high risk assessment level due to high operating risks and other factors,and some small and medium-sized enterprises have no high-quality collateral to borrow from traditional financial institutions.The growth of digital financial inclusion has been a boon to corporate financing.Digital inclusive finance breaks the shackles of time and space,expands the scope of services,and joins multi-platform channels to cover long-tail customer groups.Through the introduction of digital technology,financial institutions can also establish a complete risk assessment system,reduce operating costs and improve service efficiency.Based on the transaction cost theory,credit rationing theory,and the development history of digital inclusive finance,this paper selects the enterprise data of GEM from2011 to 2020 as samples,uses the Peking University digital inclusive finance index to build panel data,and analyzes how digital inclusive finance affects enterprise financing constraints through testing and using the fixed effect model.The moderating effects of financial sustainability and financing efficiency are discussed.Heterogeneity analysis is added based on the degree of firm innovation and bank competition.The research shows that: first,enterprises have financing constraints,and digital inclusive finance can alleviate the financing constraints of enterprises,which is reflected in its breadth,depth and degree of digitalization;Second,both financial sustainability and financing efficiency can play a moderating role in digital financial inclusion easing corporate financing constraints.Digital inclusive finance has a more obvious effect on the slow release of enterprises with weak financial sustainability and low financing efficiency;Thirdly,through the heterogeneity analysis,it is found that the greater the competition of banks,the greater the slow-release effect of digital financial inclusion;If the enterprise is innovative,the greater the role of digital financial inclusion. |
