Research On The Impact Of Digital Inclusive Finance On The Financing Constraints Of SMEs

Since the reform and opening up,small and medium-sized enterprises have played a huge role in scientific and technological progress,promoting employment and so on.However,limited by their own lack of mortgageable assets,financing difficulties have been affecting the development of smes.In 2009,chinext was established and became a place for equity financing of technology-based smes.Although these enterprises hold certain intellectual property rights,but also face the dilemma of lack of collateral,financing from banks is still difficult.After the emergence of digital inclusive finance,it has played a good role in solving the financing difficulties of many vulnerable groups.Therefore,this paper studies the alleviating effect of digital inclusive finance on financing constraints of smes listed on gem in China.Starting from literature review,after summarizing relevant concepts and theoretical basis,this paper analyzes the current situation of digital inclusive finance and financing constraints of small and medium-sized enterprises respectively,and analyzes the mechanism of digital inclusive finance alleviating financing constraints of small and medium-sized enterprises according to relevant economic theories.This paper collects and collates the data of 919 smes on GEM from 2015 to 2020(a total of 4144 data values).Based on the cash-cash-flow sensitive model,empirical design and model regression are carried out,and hypotheses are proposed and heterogeneity analysis is conducted by further combining the influencing factors of ownership nature,technical attributes and economic level of enterprises.Finally,the main conclusions of this paper are as follows: first,it is confirmed that the sample enterprises all have financing difficulties,which can be alleviated by digital inclusive financial services,among which the breadth of coverage plays the most alleviating role;Second,compared with state-owned enterprises,the financing dilemma of non-state-owned enterprises can be alleviated more strongly through digital inclusive finance(especially its coverage breadth).Third,digital inclusive finance,especially its digitalization degree,greatly alleviates the financing difficulties of high-tech enterprises,and has a weak impact on non-high-tech enterprises.Fourthly,by means of the coefficient difference test between groups,it is found that the financing dilemma in the eastern region can be alleviated more strongly through the digitalization degree of digital inclusive finance.Based on the above conclusions,countermeasures and suggestions are put forward centering on the three levels of government,financial institutions and enterprises,focusing on promoting the further development of digital inclusive finance and improving the strength of enterprises,so as to solve the financing difficulties of smes.