Research On The Impact Of Digital Inclusive Finance On The Operating Performance Of Small And Micro Cultural Enterprise

Micro and small cultural enterprises provide a solid foundation for the high-quality development of China’s cultural industry.Compared with ordinary micro and small enterprises,micro and small cultural enterprises are not only small in scale,but also have special characteristics such as light assets,difficult to assess value,unstable income,etc.,and are characterized by high capital needs,high risks and long cycles.Therefore,when it is difficult to achieve development by their own funds alone,they need to resort to external financing,but in the process of obtaining external financing,they often encounter the problems of high financing costs and serious financing constraints.Compared with traditional financing models,digital inclusive finance has technical advantages and can provide more diversified financial services for micro and small cultural enterprises,which can effectively reduce the financing pressure of micro and small cultural enterprises in terms of widening financing channels,improving financing efficiency,reducing financing costs,etc.,and thus improving the business performance of micro and small cultural enterprises.Based on long-tail theory,pyramid theory and information asymmetry theory,this thesis analyzes the impact mechanism of digital inclusive finance development on the business performance of micro and small cultural enterprises.On this basis,this thesis selects the annual balanced panel data of 105 micro and small cultural listed companies on the New Third Board of China from 2016 to 2020,constructs an index system in four aspects:profitability,operational capacity,solvency and development capacity,and adopts the entropy value method to measure the business performance of micro and small cultural enterprises;with reference to the digital inclusive finance index released by Peking University,and applies a two-way fixed-effect model to examine the impact of digital The impact of the development level of inclusive finance on the business performance of micro and small cultural enterprises is investigated using a two-way fixed-effect model with reference to the Digital Inclusive Finance Index released by Peking University,and the possible mediating effect of financing constraints in its impact mechanism is tested empirically.It is found that:(1)digital inclusive finance is significantly and positively related to the business performance of micro and small cultural enterprises,and the secondary segmentation indicators of digital inclusive finance,digital financial coverage breadth,digital financial usage depth and digitalization of inclusive finance,show good promotion effects on the business performance of micro and small cultural enterprises;(2)digital inclusive finance can improve the business performance of micro and small cultural enterprises by alleviating financing constraints;(3)compared with micro and small cultural enterprises in the eastern region,digital inclusive finance has a more obvious effect on improving the business performance of micro and small cultural enterprises in the central and western regions.It can be seen that not only the development of digital inclusive finance itself is regional,its impact on the business performance of micro and cultural enterprises also has obvious geographical differences;(4)digital inclusive finance has a more significant effect on improving the business performance of micro and cultural enterprises whose chairman and general manager are not in two positions;(5)digital inclusive finance has a more obvious effect on improving the business performance of micro and cultural enterprises at the basic level;(6)digital inclusive finance has a more significant effect on improving the business performance of micro and small cultural enterprises in the information technology industry category.Therefore,this thesis argues that we should jointly promote the development of digital inclusive finance at the macro and micro levels,focus on the synergistic development among different regions,balance digital inclusive financial resources among regions,give full play to the advantageous role of digital inclusive finance in improving the business performance of micro and small cultural enterprises,encourage micro and small cultural enterprises to improve their internal governance mechanisms,accelerate their digital transformation and reasonably allocate digital inclusive financial resources to solve the problem of financing constraints.It encourages small and micro cultural enterprises to improve their internal governance mechanisms,accelerate their digital transformation and rationalize the allocation of digital inclusive financial resources to solve the financing constraints.