The Influence Of Digital Inclusive Finance On The Financing Cost Of Small And Medium-Sized Enterprises

In order to further survive and stabilize their development in the fierce market,small and medium-sized enterprises are willing to increase investment in innovation.However,compared with large enterprises,the investment cost of small and mediumsized enterprises is too high,which are manifested as high financing cost and large financing constraints.This phenomenon exists for a long time.Digital inclusive finance is supported by advanced means such as high technology and big data.Relying on the advantages of big data,reform can effectively increase financing methods,reduce information asymmetry and reduce enterprise financing costs.By studying the relationship between digital inclusive finance and the financing cost of small and medium-sized enterprises,we can better understand the influencing factors of the financing cost of small and medium-sized enterprises and the importance of digital inclusive finance for economic development.On the basis of the relevant research in China and abroad,this paper studies the constraints of digital inclusive finance on the financing cost of small and medium-sized enterprises from both theoretical and empirical aspects,and defines the development process and concept of digital inclusive finance and small and medium-sized enterprises from the theoretical aspect.Secondly,through credit rationing theory and other related theories,this paper expounds the significance of digital inclusive finance to the financing cost of small and medium-sized enterprises.Then,this paper brings up the hypothesis research.In the empirical perspective,this paper selects the unbalanced panel data of 881 listed companies of small and medium-sized enterprises in China from 2011 to 2020,measures the financing cost of small and medium-sized listed enterprises with the proportion of interest expenditure.This paper uses the two-way fixed effect model.This paper examines the influence of the development of digital inclusive finance on the financing cost of small and medium-sized enterprises,tests the possible regulatory effect of financing constraints in the influence,and finally analyzes the differences of the influence of the development of digital inclusive finance on the financing cost of small and medium-sized enterprises in different regions and enterprise nature.Through empirical research,it is found that:(1)The development level of digital inclusive finance is obviously negatively correlated with the financing cost of small and medium-sized enterprises,and there is also a significant negative correlation between the coverage and use depth of the secondary subdivided indicators of the two dimensions,that is,the development of digital inclusive finance can decrease the financing cost of small and medium-sized enterprises.(2)The results of adjustment effect test show that the greater the financing constraint,the stronger the effect of digital inclusive financial development on reducing the financing cost of small and medium-sized enterprises.(3)The development of digital inclusive finance can decrease the financing cost of small and medium-sized enterprises,which is more obvious in the west than in the middle and east China.Compared with non-state-owned enterprises,this effect is more obvious in state-owned enterprises.Finally,with this study,from the perspective of economic development needs,we should actively develop digital inclusive finance.The underdeveloped areas in the west China and areas with large financing constraints for small and medium-sized enterprises have developed digital inclusive finance than other areas.