Research On The Role Of Digital Inclusive Finance In Alleviating Financing Constraints Of Private Enterprise

In 2018,Xi Jinping，general secretary of the Communist Party of China emphasized in his speech at the private enterprise symposium: our country’s private economy has become an indispensable force in promoting our country’s development,a major field of entrepreneurship and employment,an important subject of technological innovation and an important role for national taxation.Meanwhile,it has played an important role in the development of our country’s socialist market economy,the transformation of government functions,the transfer of surplus rural labor and the development of international markets.However,with the accelerating process of economic globalization and the rapid development of the market economy,as well as the sudden impact of the COVID-19,all factors further increasing the downward pressure of the world economic recession.At the same time,there are many unfavorable characteristics such as small scale,non-diversifited business and weak anti-risk ability among private enterprises.As a result,the problem of “financing difficult and expensive” has become the main bottleneck restricting its healthy development.However,in recent years,with the continuous deepening of our country’s financial supply-side structural reforms,China’s digital financial inclusion has achieved leaps and bounds,and a digital financial inclusion ecosystem is forming gradually.It has also broaden financing channels,simplified financing procedures,reduced financing costs and increased the supply of microcredit by promoting continuous innovation in digital financial products and services.Which provide new paths and channels for alleviating the financing constraints of private enterprises.Firstly,based on fully combing and drawing on the domestic and foreign theoretical results and practical experience of digital inclusive finance and corporate financing constraints,this thesis comprehensively combs the development process and development characteristics of digital our country’s inclusive finance and further makes qualitative analyses on the reaction mechanism of them by the economic academic analyzing.Then,this thesis takes the relevant data of 2837 private listed companies from 2011 to 2020 as the research samples.Based on the cash-cash flow sensitivity model,the two-way fixed effect model is used to empirically test and analyze the effect of digital financial inclusion on the corporate financing of private listed companies.The effects of constraints are further verified by robustness testing methods such as GMM model.Through research,it is found that:(1)Our country’s private enterprises face universal financing constraints,and present a significant cash-cash flow sensitivity model;(2)Digital financial inclusion has a significant mitigation effect on private enterprises’ financing constraints.(3)Compared with economically underdeveloped areas,digital financial inclusion has a more significant effect on alleviating the financing constraints of private enterprises in economically developed areas.Finally,this thesis analyzes and summarizes the content of the full text and proposes specific policy recommendations from corporate governance,financial institutions and external policies in order to facilitate the digital inclusive finance to an extensive and efficient development structure.The all-around development pattern will release more momentum and make more positive contributions to effectively alleviate the financing constraints of enterprises.