Research On The Impact Of Digital Inclusive Finance On The Debt Default Risk Of Private Enterprises

The private economy is an important force in promoting the development of the socialist market economy.In China,private enterprises have become a major area of entrepreneurship and employment,a key subject of technological innovation,and an important source of national tax revenue.In recent years,the international and domestic situation has become more complex and severe.As the downward pressure on the macro economy continues to increase,the operating conditions and profitability of some private enterprises have declined,making it difficult for them to afford the huge debts accumulated during the expansion period,and more and more private enterprises are at risk of defaulting on their debts.At the same time,digital inclusive finance,a new product of technology-enabled traditional finance,has to a certain extent benefited a large number of private enterprises in financing difficulties,providing a new path to reduce the risk of private enterprises defaulting on their debts.Whether digital inclusive finance can affect the default risk of private enterprises and what its mechanism of action is deserves futher study and exploration.Based on the analysis of information asymmetry theory,long tail theory and credit rationing theory,this paper argues that digital inclusive finance gives full play to the advantages of digital technology and inclusive finance,breaks the constraints of traditional finance on private enterprises,helps private enterprises obtain more equal access to financial services and credit support,and thus reduces the risk of debt default of private enterprises.In view of this,the thesis selects data of private listed companies from 2011-2020 as the research sample,measures the debt default risk of enterprises using the Z-score model,portrays the level of digital inclusive finance development with the Peking University Digital Inclusive Finance Index,and conducts empirical tests by constructing a fixed-effects model and a mediating-effects model,aiming to clarify the transmission mechanism of digital inclusive finance affecting the debt default risk of private enterprises.On this basis,the role of digital inclusive finance on the debt default risk of private enterprises in different regions and industries is investigated.The empirical study finds that:(1)digital inclusive finance can reduce private enterprises’ debt default risk;(2)digital inclusive finance reduces private enterprises’debt default risk by alleviating financing constraints and reducing the degree of information asymmetry;(3)the development of digital inclusive finance only has a significant inhibiting effect on private enterprises’ debt default risk in the eastern provinces,but has almost no effect on the central and western regions;(4)Digital inclusive finance has a significant inhibitory effect on the debt default risk of private enterprises in information technology industry,retail industry and real estate industry;(5)Compared to large-scale private enterprises.digital inclusion has a more significant dampening effect on the debt default risk of small-scale private enterprises.Finally,in response to the findings of the study on digital inclusive finance on private enterprises’ debt default risk,the thesis puts forward relevant policy recommendations:(1)establishing sound digital inclusive finance promotion policies and regulatory laws;(2)promoting private enterprises to accelerate their digital transformation;(3)developing digital inclusive finance in accordance with local conditions;(4)digital inclusive finance precisely serving industries with high debt default risk.