Study On The Effect And Mechanism Of Digital Inclusive Finance To Relieve The Financing Constraint Dilemma Of Small And Medium-sized Enterprises

As the micro subject with high vitality in the whole economic system,small and medium-sized enterprises(smes)are the cornerstone of China’s economic transformation from high-speed growth to high-quality growth.The high cost of financing and the difficulty of financing have long been a thorn in the throat of small and medium-sized enterprises in all countries.Whether the digital inclusive finance formed by the deep integration of digital technology and financial forms can effectively alleviate the long-term financing dilemma faced by small and medium-sized enterprises needs to be further tested.Financing constraints of small and medium-sized enterprises for a long time not effectively ease the small and medium-sized enterprise management as well as history is short,the lack of mortgage assets and the shortage of credit capital,etc.The reason of their own quality,also have insufficient growth in financial market,the market structure is not reasonable,imperfect financing system and mechanism of the external environment,such as the reason,in addition,the traditional financial obvious characteristics of the "little" is also one of the important causes.As pratt & finance and cloud computing,big data,such as block chain technology develops a gene in the gears mesh arises at the historic moment of new product,pratt &whitney financial touch with strong financial ability,realize the financing group wide coverage,as a decline in the cost of financing,reduce the information asymmetry,risk control ability of multiple fitting,so as to make the financial service providers and between small and medium-sized enterprises Win-win results have been achieved.Since the policy intention of digital inclusive finance and its own advantages should play a role in relieving the financing difficulties of smes in theory,this paper will verify their performance in reality.Through the analysis of the current situation,the development status of digital inclusive finance and the financing status of China’s small and medium-sized enterprises and the constraints of the two aspects,but also focuses on the analysis of digital inclusive finance development mode and core value.Through the study of literature at present stage,found its focus on pratt &whitney financial validation of the small and medium-sized enterprise financing constraint link,it can play specific role mechanism research is relatively shallow,especially the banking competition degree and the financing cost of different will affect pratt &whitney financial relieve effect also deserves further research.Based on the financial data of some listed companies on the SME board from2011 to 2020,this paper adopts KZ index to measure the size of financing constraints of enterprises,verifies the relief effect of digital inclusive finance on financing constraints of smes,and carries out stability test to prove the reliability of the research conclusions.After that,the moderating effect is analyzed by taking the high-tech attributes of smes and the degree of local financial marketization as moderating variables,and then the financing cost and the degree of bank competition as mediating variables.The final conclusions are as follows :(1)the development of digital inclusive finance in the provinces where smes are located will play a significant role in easing their financing constraints.(2)Different enterprise nature and different degree of financial marketization will change the relief effect of digital inclusive finance on sme financing constraints.The specific performance is that digital inclusive finance has a better effect on the relief of financing constraints of high-tech enterprises;Digital inclusive finance has a better effect on smes in regions with lower degree of financial marketization.(3)Digital inclusive finance can not only ease the financing constraints of smes by promoting competition in the banking industry,but also ease the financing constraints of smes by reducing financing costs.Accordingly,the paper puts forward countermeasures and suggestions for improving the development of digital inclusive finance and facilitating smes to obtain financing more easily.From the government level,when developing digital inclusive finance,we should give consideration to high-tech enterprises and traditional enterprises.Targeted implementation of differentiated digital inclusive finance development strategy for different regions;We should not only encourage digital financial inclusion innovation,but also pay attention to the improvement of supervision.We can actively try to regulate sandbox.From the perspective of financial institutions,seize the opportunity of digital transformation,actively innovate,and adapt measures to local conditions;Build digital sme credit evaluation system,accurate portrait for smes;Build an efficient and convenient digital public platform for inclusive finance,strengthen online business capabilities,and improve the efficiency of capital operation;From the enterprise itself,actively change the thinking,broaden the financing channels;Attach great importance to credit management and realize management informatization and modernization.