The Impact Of Digital Inclusive Finance On Enterprise Investment Scale

By optimizing financial infrastructure,digital inclusive finance enables all social classes to obtain financial services at a lower cost,multi-dimensional,multi-angle and more convenient,which is particularly important in relatively less developed financial growth areas and low-income groups.As the progress of information technology such as network and mobile communication,digital inclusive finance has been widely used and made giant progress.The burgeon of numeral universal welfare finance in China has gradually developed from public welfare microfinance at the beginning to a comprehensive financial service system covering payment,credit and other fields.China has a huge number enterprises.Among them,although privately held enterprises have an absolute advantage in quantity,their economies of scale are weak.The diverse burgeon degrees of numeral universal welfare finance in diverse regions often affect the specific performance of enterprises in investment.In addition,due to the differences in operation standards and loan accessibility of enterprises with different owner-types,the investment scale of enterprises will also show different distinguishing feature of change.Therefore,exploring the impact of the development of numeral universal welfare finance on the investment scale of diverse types of enterprises has an significant role in further realizing the sustainable and stable operation of China’s economy.Most of the domestic research on the effect of numeral universal welfare finance on the factors affecting enterprise operation focuses on the impact of numeral universal welfare finance on corporate banking,while few scholars have studied the impact of numeral universal welfare finance on enterprises of different owners.-Based on the provincial level data,this literary works go deeply into the effect of numeral universal welfare finance on the investment scale of enterprises of diverse proprietorship and its proportion in the total asset scale of firms by using the method of empirical analysis.At the same time,according to the diverse proprietorship nature of firms,firms are split into three molds: P.E.H.firms,GOCC firms and collective holding firms,and the reverberation of numeral universal welfare finance on the absolute amount and proportion of the investment scale of firms of diverse proprietorship is studied.In addition,from the two ways of alleviating corporate financing constraints and promoting regional innovation,this literary works deeply describes the influence mechanism of numeral universal welfare finance on the asset scale of firms of different proprietorship,which lay on knowledge proof for further optimizing the asset formation of firms and promoting sound and rapid economic development.Through demonstration research,this literary works obtain conclusions given below: Above all,in general,the development of numeral universal welfare finance has a significantly positive effect on the investment scale of all enterprises.By region,be similar to the eastern district,the impact of numeral universal welfare finance on corporate investment extent is more significant in non-eastern district.Second,the development of numeral universal welfare finance has an obvious active influence on the investment extent of privately held enterprises and state-owned holding enterprises,but has no significant impact on the investment scale of collectively held enterprises.Third,numeral universal welfare finance has the most apparent effect on increasing the ratio of the asset extent of privately held enterprises in the total investment market;It has a apparently negative influence on the ratio of the asset extend of state-owned holding firms and collective holding firms in the total size of the investment market.Fourthly,an important factor for digital inclusive finance to constrict the spatial proportion of asset extent of GOCC firms and collectively holding enterprises is the competition for investment targets among enterprises of different ownership.Fifth,numeral universal welfare finance has an effect on the asset extent of firms in two ways,namely,alleviating financing constraints and promoting regional innovation.These two influence paths are valid for both privately held enterprises and state-owned enterprises.