Research On The Influence Of Financial Technology On The Credit Support Of Small And Medium Sized Micro Enterprises In China

Inclusive finance has always been a key issue of national concern,and the issue of credit for small,medium-sized,and micro enterprises is even more important and difficult for inclusive finance.To this day,this issue has not been well resolved.Since the emergence of Fin Tech in the last century,its progressiveness has constantly penetrated into all fields of financial services.Its high transparency and high security have changed the format of financial services and brought new innovative models to financial services.Small,medium,and micro enterprises are one of the beneficiaries of financial technology innovation.Financial technology promotes credit for small,medium,and micro enterprises by reducing information transparency,alleviating many problems caused by information constraints,and optimizing credit platform services.In this context,this article collected 200 small and medium-sized board listed companies in China from 2011 to 2020 as sample data to explore the impact and mechanism of financial technology on small and medium-sized micro credit support.This article reviews the current research status of financial technology,financing for small and medium-sized micro enterprises,and the impact of financial technology on credit for small and medium-sized micro enterprises at home and abroad as a theoretical basis for analysis.It clarifies the mechanism,research direction,and the impact of enterprise heterogeneity of financial technology on credit for small and medium-sized micro enterprises,and proposes research assumptions based on this.Then,using the Peking University Digital Inclusive Finance Index representing the development level of financial technology as the explanatory variable,the credit balance of small and medium-sized micro enterprises representing the credit development status of enterprises as the explanatory variable,and the loan interest rate as the intermediary variable,a model was constructed for empirical analysis.The following conclusions are drawn: First,the development of financial technology can significantly alleviate the information asymmetry problem in the credit process of small and medium-sized micro enterprises,reduce the credit lending risks of the platform,optimize platform services,optimize credit reporting systems,and promote credit for small and medium-sized micro enterprises.Second,financial technology can improve the credit structure of small and medium-sized enterprises.In addition,in the early stage of the development of financial technology,the credit structure changed significantly,while in the middle and late stages,the change was relatively slow.Third,financial technology affects the transmission of interest rates.The development of financial technology has a significant negative correlation with loan interest rates.The better the development of financial technology,the lower the LPR.Fourth,in the context of financial technology,interest rate transmission promotes credit for small,medium-sized,and micro enterprises.Fifth,regional heterogeneity can affect the promotion effect of financial technology on micro,small and medium-sized enterprises.Financial technology alleviates the problem of information asymmetry between banks and enterprises,reducing the manual credit cost of commercial banks in the credit process,improving the speed and efficiency of credit information exchange,and greatly promoting the role of interest rate transmission in promoting credit for small,medium-sized,and micro enterprises.Finally,based on the research results of this article,the following suggestions are proposed: First,government departments should play a leading role in assisting enterprises in the development of financial technology in multiple aspects.Second,commercial banks should also respond to the government’s call to continue to promote the deep integration of financial technology within the industry.Third,small and medium-sized micro enterprises should continuously optimize their own development in line with the trend of financial technology.