Research On The Impact Of Digital Inclusive Finance On The Financing Constraints Of ’SRDI ’ Enterprises

As a ’ leader ’ in China’s small and medium-sized enterprises,‘SRDI’ enterprises is the main direction of enterprise transformation.The characteristics of specialization,refinement,specialization and novelty make them constantly innovate and play a competitive advantage in various market segments,which plays a key role in ensuring the stable and high-quality development of China’s economy.However,the financing difficulties of ‘SRDI’ enterprises are still prominent,which seriously affects the continuous innovation of enterprises.Therefore,it is of great significance to explore new ways to effectively alleviate the financing constraints of ‘SRDI’ enterprises.The development of digital inclusive finance provides a new way to solve this problem.Relying on digital technology,it breaks through some drawbacks of traditional finance,reduces information asymmetry,reduces financial service costs,broadens corporate financing channels,and its natural inclusive characteristics effectively alleviate the financing constraints of ‘SRDI’ enterprises in the long tail group.Based on the information asymmetry theory and transaction cost theory,this paper takes the listed ‘SRDI’ enterprises from 2019 to 2021 as the research sample,uses the Peking University Digital Inclusive Finance Index and its secondary indicators to measure the development of digital inclusive finance in China,and selects the SA index as the measurement index of the financing constraints of ‘SRDI’ enterprises.The fixed effect model is used to analyze the mitigation effect of digital inclusive finance development on the financing constraints of ‘SRDI’ enterprises in China,and the heterogeneity analysis is carried out according to the region,property right nature,governance level and bank competition level.In terms of impact mechanism,this paper discusses that digital inclusive finance alleviates the financing constraints of ‘SRDI’ enterprises by promoting the digital innovation of commercial banks.The empirical results of this paper show that :(1)The development of digital inclusive finance can significantly reduce the level of financing constraints of ‘SRDI’ enterprises,and the breadth and depth of coverage are the main factors affecting the financing constraints of‘SRDI’ enterprises.(2)Digital inclusive finance can alleviate the financing constraints of‘SRDI’ enterprises by improving the digital innovation level of commercial banks,and the three dimensions of digital innovation of commercial banks have a positive impact.(3)The development of digital inclusive finance is more effective in alleviating the financing constraints of ‘SRDI’ enterprises in the central and western regions,non-state-owned,highlevel internal governance and weak bank competition.Based on the research conclusions,this paper puts forward targeted policy recommendations from the perspectives of government,financial institutions and enterprises,in order to promote the more comprehensive and balanced development of China ’s digital inclusive finance,alleviate the financing constraints faced by ‘SRDI’ enterprises,and help‘SRDI’ enterprises maintain innovative high-quality development.