Research On Urban Internet Level And Debt Cost Of Small And Medium-sized Enterprises

As an important part of the national economy,the level of development of small and medium-sized enterprises can directly reflect the economic efficiency and vitality of the country and region.However,SMEs have been in a disadvantageous position in the market operation for a long time.Especially,as a common problem in the world,the difficulty and expensive financing of SMEs seriously restrict their development and growth.High financing costs will not only seriously restrict the operation and development of small and medium-sized enterprises,but also is not conducive to the establishment of a good market order.In recent years,China’s relevant policies and systems are focusing on solving this problem,and have achieved remarkable results.However,for the development of small and medium-sized enterprises,it is not enough to support and help them in policy.Small and medium-sized enterprises themselves must find their own position and core competitiveness in the market economy environment.But in general,it is very difficult for small and medium-sized enterprises to make breakthroughs in the traditional economic development model.With the development of the Internet,especially the "Internet+" national plan,the Internet has realized the deep integration with all traditional industries and entities.The Internet’s aggregation of the industrial chain and the profound changes in the existing market models have provided new opportunities for the development of small and medium-sized enterprises.In recent years,with the help of the Internet,many phenomenal small and medium-sized enterprises have emerged in endlessly,and many areas where the economy was not prominent have unexpectedly overtaken.Based on information asymmetry theory,long tail theory and risk theory,this paper argues that the improvement of Internet level can improve the utilization efficiency of information resources,reduce information asymmetry,change the economic and contractual environment of SMEs,realize industrial upgrading,and also provide more efficient access for fund providers.The path of SMEs’information and the reduction of credit risk will help to alleviate the existing financing difficulties of SMEs,reduce the financing costs of SMEs,and improve the space for SMEs to create value.Therefore,this paper studies the relationship between the development level of Internet and the debt cost of SMEs.The empirical study shows that the higher the "Internet+" index is,the lower the debt cost of local SMEs is,which indicates that the development of urban Internet can reduce the cost of SMEs and play a positive role in solving the financing problems of SMEs.Moreover,the impact of the Internet on debt costs has the heterogeneity of property rights.The results show that the "Internet+" index has a more significant impact on the debt cost of non-state-owned enterprises.Meanwhile,it is found that the debt cost of SMEs is more significantly affected by the "Internet+" index than the less market-oriented cities.Networking has a higher degree of acceptance and dependence,and the development of small and medium-sized enterprises is more active.This paper applies the level of urban Internet to the study of SMEs’debt cost.It has certain practical significance and theoretical contribution to the study of SMEs’ debt cost by empirical research method.