Research On The Impact Of Digital Financial Inclusion On Enterprise Risk-taking

With the development of the Internet,alleviate the financing constraints of SMEs by solving the unreasonable resource allocation.At the same time,Digital Inclusive Financial with its information effect,the imperfection of the development imbalance of capital market is not transparent,reducing the stock price synchronization of enterprises,thus enhancing enterprise risk assurance.The existing literature has comprehensively,from the level of macroeconomic policy,the micro enterprise level has confirmed the role of domestic and foreign traditional finance,science and technology development for enterprise risk,and has a deep study of Digital Inclusive Finance on enterprise risk assumption.my country’s Digital Inclusive Finance has obvious inclusive effect under the aid of digital technology,promoting enterprise risk bears.The relationship between the two contributes to my country’s economic market to maintain a healthy operation.Small and medium-sized listed enterprises in China’s SME board and GEM from 2012 to 2020 are selected as the research sample,and the analysis is based on the combination of the long-tail theory,agency theory and financial development theory.Taking the two paths of financing constraints and stock price synchronicity changes as the entry point,this research uses an empirical approach to test their mediating effect and speculates on the impact mechanism of big data and financial technology on enterprises’ financial risk management and control ability.Through empirical research,this paper finds that:the development of Digital Inclusive Finance can effectively promote enterprise risk-taking,and financing constraints and technological innovation play an intermediary role in the role of Digital Inclusive Finance in enterprise risk-taking.On the one hand,Digital Inclusive Finance takes financing constraint and stock price synchronicity as direct or indirect intermediary under a good market economy environment in China,which has a positive effect on enterprise risk-taking by alleviating financing constraint and eliminating market disruption information contained in enterprise stock price.On the other hand,the impact of the development of Digital Inclusive Finance on enterprise risk-taking is obviously different in regions,property right nature and marketization level.The policy implications of this paper are as follows.Firstly,it guiding the development direction of digital inclusive financing through the government,is conducive to economic transformation and upgrading.Secondly,it promotes the balanced development of regional digital inclusive financing and helps reduce the development gap between different regions.Thirdly,the digital platform can be used to rectify the financial chaos and build a healthy and sustainable financial supervision system.