The Effect Of Inclusive Financial Policy On The Debt Financing Cost Of Small And Medium-sized Enterprises Impact Studies

In the whole Enterprise cluster in China,the number of small and medium-sized enterprises(SMEs)is abundant and has strong market vitality and development potential,and play a self-evident positive role in promoting social and economic development,strengthening scientific and technological reform and promoting employment market stability.But on the one hand,SMEs own limitations,such as capital scale is relatively limited,financial system less specification and governance concept relative lag,on the other hand,due to the protection of SMEs financing corresponding laws and regulations system is not perfect,the social guarantee mechanism of external whole remains to rise.All these factors lead to the fact that SMEs in China cannot enjoy relatively inclusive and equal financial services under the traditional financial model,making it difficult for them to get rid of the situation of high financing costs.In order to change a series of financing difficulties faced by SMEs in the past,In recent years,the party and the state to promote innovative financial service pattern,promoting sound with high adaptability,competitiveness and universality of the modern financial system,and define SMEs is the need to strongly support the major groups of pratt &whitney finance in China,specifically for SMEs in time for the price is reasonable,convenient and safe financial services.Therefore,based on inclusive finance policy,this paper takes the debt financing cost of SMEs as the entry point to deeply investigate the impact of inclusive finance policy on the debt financing cost of SMEs in China at the present stage.Firstly,this paper uses literature research method to sort out a series of domestic and foreign researches on debt financing cost,inclusive finance and the integration of inclusive finance with enterprise financing.Through sorting out,it can be found that,on the one hand,few studies on the impact of corporate debt financing costs start from a certain policy or measure;on the other hand,most of the studies related to inclusive finance policy at home and abroad focus on the effect of this policy on improving the economy and alleviating poverty.Secondly,this paper carries out a detailed review of relevant existing theories centering on the research content,laying a solid theoretical foundation for the development of the following paper,and puts forward research hypotheses through a series of analyses.Finally,in the empirical analysis part,this paper first draws on the valuable experience of predecessors to establish the financial inclusion index measurement system,so as to scientifically and reasonably quantify the development level of inclusive finance in each region,so as to provide necessary basis for dividing the experimental group and the control group of enterprises in this paper.After consulting a large number of relevant literature,it is found that SME board can represent SMEs to some extent.Finally,relevant financial data of SMEs from 2011 to 2019 are selected,and then the dual difference method is used to construct the benchmark regression model of this paper,so as to carry out empirical analysis and test.Based on a series of empirical analysis and tests,this paper draws the following conclusions: First,the implementation of inclusive finance policy has a significant reduction effect on the debt financing cost of SMEs,that is,inclusive finance policy can significantly reduce the debt financing cost of SMEs.Second,the effect of inclusive finance policy on reducing the debt financing cost of SMEs is heterogeneous,which is embodied in the following two aspects.(1)Enterprises with different ownership nature will affect the reduction effect of inclusive finance policy on debt financing cost.Compared with state-owned enterprises,inclusive finance policy plays a more significant role in reducing debt financing cost of private enterprises.(2)Enterprises with different factors of production will affect the reduction effect of financial inclusion policy on debt financing cost.Compared with labor-intensive and capital-intensive enterprises,the reduction effect of financial inclusion policy on debt financing cost is more significant in technology-intensive enterprises.Based on the above research conclusions,this paper puts forward relevant suggestions to help SMEs reduce debt financing costs,aiming to help them further use inclusive finance policies to alleviate their own financing problems.Policy belongs to the external factors that affect corporate debt financing costs,but the research on the influence of corporate debt financing costs less from a role of policy implementation,This paper analyzes the impact of inclusive finance on the debt financing cost of SMEs from the perspective of policy effectiveness,which is relatively new,and makes a strong supplement to the research on the relationship between inclusive finance and enterprise development,so it can be seen that the research content of this paper is innovative to a certain extent.In addition,on the basis of previous studies,this paper further believes that enterprises with different production intensity can also affect the effect of financial inclusion policy.Therefore,the sample enterprises are further divided into three different production factors for empirical analysis,and a relatively novel view is proposed.