Research On The Mitigation Effect Of Financial Inclusion On Financing Constraints Of SMEs

Small and medium-sized enterprises(SMEs)are an indispensable and important part of the national economic development.They play an increasingly important role in promoting national economic development,optimizing economic structure,promoting technological innovation,and easing employment.However,due to the small scale of assets,poor risk resistance,imperfect corporate governance mechanism,lack of credit guarantee mechanism,and imperfect relevant laws and regulations,SMEs are difficult to enjoy the financial services matching their contribution.Financing difficulties,high financing costs,and financing risks have become prominent problems restricting the development of SMEs.In order to break the financing barriers of SMEs,and tackle the last mile of financing for SMEs,China puts forward a new idea of developing inclusive finance.Inclusive finance advocates "everyone has equal financial rights",emphasizes the fairness and justice of financial services,and takes the provision of sufficient and effective financial services for the poor,SMEs and other vulnerable groups as the main task.Inclusive finance has unique advantages in reducing the threshold of financial access,improving the efficiency of financial transactions,reducing the cost of financial transactions and making up for the defects of traditional financial institutions.It is a good solution to solve the problem of financing difficulty and financing cost of SMEs.In order to study the effect of inclusive finance on financing constraints of SMEs in China,On the basis of summarizing domestic and foreign literature related to inclusive finance and corporate financing constraints,this paper first defines the concepts of inclusive finance and enterprise financing constraints,and expounds the economic theories related to inclusive finance and enterprise financing constraints.Secondly,this paper makes a descriptive statistics and analysis on the current situation of inclusive finance and financing constraints of SMEs in China,studies the forms and causes of financing constraints of SMEs,and makes a qualitative analysis on the operation mechanism of inclusive finance to alleviate financing constraints of SMEs.Thirdly,based on the cash-cash flow sensitivity model,this paper selects the annual financial data of listed companies on the SME Board and GEM in China,and empirically analyzes the impact of inclusive finance on SMEs' financing constraint mitigation from the traditional and digital aspects.It is found that there are financing constraints in SMEs in China.Inclusive finance can effectively alleviate the financing constraints of SMEs.Moreover,the traditional inclusive finance plays a more significant role in easing the financing constraints of state-owned SMEs.Digital inclusive finance has a more obvious effect on the financing constraints of non-state-owned SMEs.Finally,from the three levels of government,financial institutions and SMEs,this paper puts forward specific measures to better develop inclusive finance to alleviate the financing difficulties of SMEs.