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

As an important part of Chinese market economy,SMEs have made outstanding contributions in promoting economic growth,providing jobs,enhancing market vitality and promoting innovation and development.However,due to the influence of factors such as small scale of development,unstable operation,insufficient collateral,poor qualification and so on,Chinese SMEs have long faced serious financing constraint problems,which have been the hot topics of concern and discussion from all walks of life.The emergence of digital inclusive finance provides a new way to solve this problem.Based on the existing research results,the paper sorts out and summarizes the development status of financing constraints and digital inclusive finance for SMEs in China.Then,based on the long tail theory,information asymmetry theory,transaction cost theory and SME financing demand theory,the paper analyzes the causes of SMEs’ financing constraints,and then puts forward four research hypotheses in the paper to explore whether digital inclusive finance can alleviate SMEs’ financing constraints.And according to the nature of equity,high-tech attributes and the different level of economic development in the region of SMEs are classified.In the empirical part,the article selects 2011-2020,a total of 589 Chinese SMEs’ financial data,the cash-sensitive model of cash flow,and incorporated into Peking University Digital Financial Inclusion Index and its secondary indicators for the empirical analysis,through the analysis confirmed the digital universal finance to Chinese SMEs’ financing constraint has significant relief;Then through panel quantile regression and heterogeneity analysis,it is found that digital inclusive finance has a better easing effect on SMEs with higher degree of financing constraints,and has a more obvious easing effect on private SMEs,high-tech SMEs and SMEs in developed areas.The robustness test was carried out by adding explanatory variables and changing explanatory variables,and the results confirmed the validity of the empirical results.Finally,based on the analysis of the whole paper,the research conclusions and shortcomings are put forward,and the corresponding policy suggestions are put forward on how to better play the role of digital inclusive finance in alleviating financing constraints.