Research On The Impact Of Digital Inclusive Finance On The Performance Of Small And Medium Enterprises

Small and medium-sized enterprises play an important role in enhancing market vitality and promoting employment,and are key to promoting steady and high-quality economic development.However,traditional financial institutions have inherent shortcomings in serving small and medium-sized enterprises,and are unable to provide them with appropriate credit support and financial services.As a new form of financial development,digital inclusive finance has broken through the temporal and spatial boundaries of traditional finance,effectively solving the supply-demand contradiction of financial services,giving small and medium-sized enterprises and other tail groups more opportunities to enjoy diverse,convenient,and low-cost financial services,improving the convenience of accessing financial resources,which helps to break down barriers in the financial industry and improve resource allocation efficiency,This has opened up a new path for improving the performance of small and medium-sized enterprises.In addition,the impact of digital inclusive finance on the performance of small and medium-sized enterprises is influenced by various factors,and management,as the controller of the overall direction of the enterprise,will inevitably closely supervise and intervene in this process.Therefore,it is of great practical significance to pay attention to the role of management power in the impact of digital inclusive finance on the performance of small and medium-sized enterprises.This article analyzes the impact mechanism of digital inclusive finance on the performance of small and medium-sized enterprises from the perspectives of financing constraints and technological innovation by elaborating on the long tail theory,information asymmetry theory,management power theory,and modern butler theory,and explores the role of management power in this process.On this basis,this article takes small and medium-sized board enterprises from 2011 to 2021 as the research object to empirically test the mechanism of digital inclusive finance on the performance of small and medium-sized enterprises and the moderating effect of management power.Research has found that: firstly,digital inclusive finance can alleviate financing constraints and enhance enterprises’ technological innovation capabilities,thereby promoting the performance improvement of small and medium-sized enterprises;Secondly,the greater the power of management,the more significant the promoting effect of digital inclusive finance on the performance of small and medium-sized enterprises;Thirdly,the results of heterogeneity analysis indicate that digital inclusive finance has a more significant performance promoting effect on non-state-owned enterprises,high-tech enterprises,and enterprises in the eastern region.Finally,this article proposes relevant suggestions for the development of digital inclusive finance and management governance: firstly,promote the development of digital inclusive finance and expand its incentive effect on the performance of small and medium-sized enterprises;Secondly,improve the supervision mechanism of management power and allocate it reasonably;Thirdly,scientifically allocate digital inclusive financial resources and implement differentiated policies.