| Our country’s small and medium-sized enterprises are huge,accounting for 90% of the market main body.It is an important force that promotes economic development.It is a new crown epidemic,and the economic growth is seriously affected by 2020.For companies with lower investment efficiency,it is "Snow Add".Increasing corporate investment efficiency is not only conducive to the development of the company,but also helps the economic recovery after the epidemic,promoting the smooth development of the entity economy.In the context of digital era,digital financial inclusion has restriveed the operational logic of the financial industry,and better serves SMEs who have been "rejected outside the door" in traditional finance.Therefore,it is important to explore the development of digital financial inclusion to improve the driving effect of investment efficiency of SMEs,which is important for promoting the growth of SMEs,and promoting economic stability.This paper combed at home and abroad,using statistical data in-depth analysis of digital financial inclusion development trends and small and medium-sized enterprises,and explore the driving role of digital financial inclusion development on improving investment efficiency of SMEs,followed by the commonal problems of SMEs-Financing constraints,in-depth digging of numbers’ impacts on this problem,and analyzes the intermediary role played by the insufficient investment and excessive two aspects.A relationship framework is established on "Digital Financial Inclusion Development-Financing Constraint-Enterprise Investment Efficiency".According to theoretical analysis,the listing enterprises in 2011 to 2020 as the representative of "SME",constitute the research samples of this paper,and empirical tests.The following conclusions are drawn: 1)Digital financial inclusion developmen has a significant increase in investment efficiency of SMEs.2)The development of digital financial inclusion makes financial services to "long-tailed groups" that are excluded from traditional finance,helping "long-tailed group" enterprises to improve financing availability,thus solving investment efficiency by alleviating financing bottlenecks in SMEs Damage problem.3)Compared to state-owned enterprises,digital financial inclusion is more driving effect on private enterprises’ investment efficiency.4)Digital Puhui Financial is a central and western region,and the financial development level is weak in terms of enterprise investment efficiency "Snow in the carbon",which is more effective in investing efficiency of these enterprises.Based on the research conclusion,in order to make the digital financial inclusion can better serve SMEs and improve their investment efficiency.In this paper,it is believed that in the development direction of digital financial inclusion,it should be expanded,according to the regional characteristics of the local system;enhance the number of services to small and medium-sized micro enterprises,and promote differentiated services.In the construction of financial institutional service system,customized financial services should be provided,developing a special "private custom" digital financial inclusion product.In the development of SMEs,the internal management system should be improved,improve their own credit level,and form a good cooperative relationship with external investors. |
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