Research On The Impact Of Digital Inclusive Finance On Inefficient Investment Of Small And Medium-Sized Enterprises

Investment efficiency has always been the focus of attention.Due to external financing constraints,there has been an inefficient investment problem in small and medium-sized enterprises,which reduces the efficiency of enterprise investment and affects the healthy growth of enterprises.As the pillar of China’s main economic development,how to alleviate the inefficient investment behavior in small and medium-sized enterprises has always been the focus of academic attention.The existing literature studies the causes and influencing factors of inefficient investment.It is found that information asymmetry and principal-agent problems are the root causes of inefficient investment.The imperfection of the capital market makes a certain degree of information asymmetry between enterprises and investors.Today,with the continuous development of information technology,this information asymmetry has actually been improved to a certain extent.In particular,development of digital inclusive finance has effectively alleviated the financing constraints of enterprises and reduced the financing cost of enterprises.Its essential city alleviates the information asymmetry between enterprises and banks,which are conducive to financial institutions and investors to master more real information of enterprises.This paper will focuses on the relationship between the development of digital inclusive finance and the inefficient investment of small and medium-sized enterprises.Through the analysis of theoretical and empirical results,this paper draws the following conclusions : Firstly,digital inclusive finance can alleviate the inefficient investment of small and medium-sized enterprises,not only can alleviate the insufficient investment of enterprises but also can alleviate the excessive investment of enterprises,and the use depth of digital inclusive finance development has a more obvious mitigation effect on the inefficient investment of small and medium-sized enterprises.Secondly,digital inclusive finance can further alleviate the inefficient investment of enterprises by alleviating the information asymmetry of enterprises.Specifically,digital inclusive finance alleviates the information asymmetry of enterprises by alleviating the internal and external information asymmetry of enterprises and playing the governance effect to alleviate the earnings management of enterprises.Thirdly,the mitigation effect of digital inclusive finance on inefficient investment of SMEs is stronger in small-scale enterprises,non-state-owned enterprises and enterprises in the eastern region than in large-scale enterprises,state-owned enterprises,enterprises in the central and western regions.Finally,financial regulation has no obvious external moderating effect on digital inclusive finance to alleviate the inefficient investment of SMEs,while the degree of marketization has a positive moderating effect on digital inclusive finance to alleviate the insufficient investment of SMEs,that is,the higher the degree of marketization is,the stronger the effect of digital inclusive finance to alleviate the insufficient investment of SMEs is.At the same time,the legal environment has a positive moderating effect on digital inclusive finance to alleviate the underinvestment of SMEs,that is,the better the legal environment,the stronger the role of digital inclusive finance in alleviating the underinvestment of SMEs.