Research On The Impact Of Digital Inclusive Finance On Cash Flow Risks Of Small And Medium-sized Enterprise

Digital inclusive finance can effectively promote competition in the financial market,reduce the threshold of financial integration of small and medium-sized enterprises(SMEs),improve financial exclusion and the financing efficiency of SMEs.It can further ease the cash flow pressure and cash flow risk.Therefore,it deeply studies the impact mechanism and mechanism of digital inclusive finance on the cash flow risk of SMEs.It further clarifies the heterogeneity of the impact of digital inclusive finance on the cash flow risk of s SMEs from the aspects of property rights and technical attributes.These will undoubtedly provide strong empirical evidence for solving the problem of cash flow risk of small and medium-sized enterprises in China.At the same time,it provides a decision-making basis for the policy formulation of relevant departments.This paper first sorts out the relevant literature on cash flow risk,digital inclusive finance and banking competition.On this basis,it defines the concept and measurement method of cash flow risk and digital inclusive finance.Based on the long tail theory,the market force hypothesis and the information asymmetry theory,it analyzes the theoretical mechanism of digital inclusive finance affecting the cash flow risk of SMEs and proposes research hypotheses.In order to test the relationship between digital inclusive finance and the cash flow risk of SMEs,it is based on the balance panel data of the original small and medium-sized board and the CEM board from 2011 to 2020.It uses the net operating cash flow of enterprises in the past three years divided by the standard deviation of total assets to measure the cash flow risk indicator as the explanatory variable and uses the digital financial inclusion index compiled by Peking University as the explanatory variable.It uses a individual time-point two-way fixed-effect model to investigate the impact of digital inclusive finance on the cash flow risk of SMEs.At the same time,it tests the possible intermediary effect of financing constraints and the moderating effect of banking competition in the process of influence.And it further explores the heterogeneity of digital inclusive finance affecting the cash flow risk of SMEs.The empirical results show that the level of development of digital inclusive finance is significantly negatively correlated with the cash flow risk of SMEs.And the three secondary indicators of the subdivision,namely the breadth of coverage,the depth of use and the degree of digitization are also significantly negatively correlated.Second,the results of the intermediation effect test show that digital inclusive finance can reduce the cash flow risk of SMEs by alleviating financing constraints.The results of the adjustment effect test show that competition in the banking industry can enhance the mitigation effect of digital inclusive finance on the cash flow risk of SMEs.Third,digital inclusive finance has heterogeneous impacts on SMEs with different property rights and different technical attributes.Based on the empirical research results of this paper,combined with the analysis of the current situation,it is recommended that relevant government departments actively promote the practice and application of digital technology in the field of inclusive finance.And banks and other financial institutions are encouraged to actively develop digital inclusive finance and improve the allocation efficiency of financial resources.The SMEs should strengthen their own cash flow management,use digital technology to build a more efficient organizational structure,standardize their credit system and help SMEs better avoid cash flow risks.