Research On The Influence Of Digital Inclusive Finance On Financing Constraints Of Small And Medium-sized Sci-tech Enterprises

As an important part of small and medium-sized enterprises,technology small and medium-sized enterprises are one of the most important subjects of innovation in our country,pillars of economic growth,core support for the growth of knowledge-based economy and an important force for economic development in China.In the report of the Party’s 20 th National Congress,it is proposed to create a favorable environment for the growth of small,medium and micro technology enterprises,and push forward the deep integration of innovation chain,industrial chain,fund chain and person of ability chain.Due to the traits of small and medium-sized technology-based enterprises unmatch the financial market,it is hard to solve the financing problem in essence.Although the government has issued a series of policies to help,the financing difficulty and high financing cost of small and medium-sized science and technology enterprises are still the core problems.How to improve the financing difficulties of technology-based SMEs and realize the rational and optimal allocation of financial resources still need to be solved.The appearance of numeral inclusive finance decreases the information asymmetry between banking institutions and technology-based smes,lower the cost of financial services,and brings new development directions for alleviating the financing problems of technology-based smes.Based on this,this paper firstly compares the literature on digital inclusive finance,financing constraints and the relationship between them,and puts forward five relevant hypotheses based on the review of digital economy theory,inclusive finance theory,long tail theory and information asymmetry theory.Then,we screened a sample of technology-based SMEs listed on the GEM from 2011-2021 and applied a benchmark regression model and a mediating effect model to study the impact of digital inclusive finance on financing constraints of technology-based SMEs,and grouped technology-based enterprises by size,nature of property rights,and region they belonged to to conduct heterogeneity tests,and finally passed multiple robustness tests to ensure the reliability of the results.The following conclusions are obtained from the study: first,digital inclusive finance can significantly alleviate the financing constraints of technology-based SMEs.At the same time,the breadth of digital inclusive financial infrastructure coverage,the depth of use and the degree of digital support services all have a mitigating effect on the financing constraints of technology-based SMEs,among which the breadth of digital inclusive financial coverage has the greatest mitigating effect.Secondly,digital inclusive finance can improve the availability of credit and reduce the cost of debt financing for S&T SMEs,thus alleviating the financing constraints of S&T SMEs.Finally,grouping small and medium-sized enterprises based on their size,property nature and regional distribution,It is found that the development of digital inclusive finance can significantly alleviate the financing constraints of SMEs,state-owned and eastern technology-based enterprises.Based on the above conclusions,this paper puts forward the following suggestions: First,improve the digital inclusive finance system.The government actively promotes digital inclusive finance and strengthens the supply of digital inclusive financial services;financial institutions accelerate the promotion of the combination of digital technology and traditional finance.Second,provide differentiated support for technology-based SMEs.The government strengthens differentiated policy support for technology-based SMEs through laws;financial institutions provide differentiated services for technology-based enterprises.Third,improve credit accessibility and effectively reduce financing costs for technology-based SMEs.The government pays attention to the use of financial technology;financial institutions strengthen the use of financial technology and pay attention to the introduction of professional talents;technology-based SMEs improve their own management system.