| China’s economy has been transformed from a stage of rapid growth to a stage of high-quality development.As the "capillary" of the economy,the high-quality development of small and medium-sized enterprises(SMEs)is of great importance for China’s economic transformation.At the same time,the extensive and deepening application of digital technology in the field of traditional inclusive finance has accelerated the development of digital inclusive finance.Digital inclusive finance aims to address the capital needs of SMEs,rural households in remote areas and other people who are excluded from traditional finance.Therefore,it is of great significance for this thesis to study the relationship between digital inclusive finance and highquality development of SMEs and clarify the transmission mechanism between the two in the context of the emphasis on high-quality development and the rapid development of digital inclusive finance.This thesis carries out the research from the following aspects.Firstly,the existing literature on the relationship between digital inclusive finance and highquality development of SMEs is reviewed and relevant theories are analyzed.Secondly,based on the connotation of high-quality development and the actual situation of SMEs,this thesis constructs the high-quality development index of listed SMEs in China from 2011 to 2020 by entropy weight TOPSIS method from four dimensions.Besides,this thesis analyzes the changes of the comprehensive index of high-quality development of SMEs in the reporting period,and then a two-way fixedeffect model(TWFE)is constructed to preliminarily judge the influence of digital inclusive finance and its subdivision indicators on the high-quality development of SMEs.Thirdly,this thesis uses the super-efficiency SBM model to estimate the allocation efficiency of China’s financial resources and collects corresponding data to calculate the allocation scale of financial resources.Besides,the Sobel intermediary effect model is used to verify the intermediary effect between the allocation efficiency of financial resources and the allocation scale of financial resources between the digital inclusive finance and the high-quality development of SMEs.To ensure that the results are robust,this thesis uses Bootstrap self-sampling.Fourthly,with the consideration of the differences of regions,industries and ownership,the relationship between digital financial inclusion and high-quality development of SMEs is analyzed by heterogeneous regression.Finally,according to the research conclusions,this thesis puts forward the following policy suggestions: accelerate the construction of digital technology infrastructure,accelerate the digital transformation of financial institutions and SMEs and improve the financial regulatory system.The thesis draws the following conclusions: Firstly,digital inclusive finance,its coverage breadth,use depth and digitization degree have a significant positive impact on the high-quality development of SMEs;Secondly,both the allocation efficiency of financial resources and the allocation scale of financial resources have partial mediating effect between digital inclusive finance and high-quality development of SMEs.In other words,digital inclusive finance can promote high-quality development of SMEs by improving the allocation efficiency of financial resources and enriching the allocation scale of financial resources,and this conclusion is still valid after the robustness test.Thirdly,in the test of property rights heterogeneity,regional heterogeneity and industry heterogeneity,digital inclusive finance has a more significant impact on the high-quality development of non-state-owned SMEs,SMEs in central and western regions and non-heavily polluting SMEs.This thesis has 5 figures,15 tables and 165 references. |
