Research On The Impact Of Digital Inclusive Finance Development On Financial Sustainability Of Small And Medium-sized Enterprises

A large number of small and medium-sized enterprises are important participants and promoters of China’s national economic development,which plays a vital role in promoting economic vitality and stabilizing employment.However,due to the lack of collateral,the existence of information asymmetry and other reasons,SMEs often face a higher financial vulnerability.Based on digital technology,digital inclusive finance aims to provide reasonable,equal and inclusive financial services for all social strata,and bring a glimmer of hope for small and mediumsized enterprises in financial difficulties.After reviewing relevant academic literature on digital inclusion and financial sustainability of SMEs at home and abroad,this paper adopts digital inclusion index compiled by The Research Center for Digital Finance of Peking University and annual reports of listed companies on shenzhen Sme Board and GEM board from 2011 to 2019.Based on the fixed effect model,the influence of digital inclusive finance on SMEs’ financial sustainability is tested.The research found that the development of regional digital inclusive finance can promote the financial sustainability of small and medium-sized enterprises.Further exploring the influence mechanism of digital inclusive finance on the financial sustainability of small and medium-sized enterprises,it was found that the level of enterprise financing constraint plays an intermediary role between the two.Among the three dimensions of digital inclusive finance,At present,the two dimensions of coverage and depth of use have an impact on SMEs’ financial sustainability.At the same time,this paper also investigates the heterogeneity of the impact of digital inclusive finance on the financial sustainability of SMEs in different ownership and different regions,and finds that the development of digital inclusive finance mainly affects the financial sustainability of SMEs in non-state-owned enterprises,eastern regions and areas with good development of digital inclusive finance.This paper reveals the influence mechanism of digital inclusive finance on the financial sustainability of SMEs in China,which provides theoretical support and empirical evidence for how financial market can better serve the real economy and SMEs under the background of dual-cycle development.