Research On The Influence Of Digital Inclusive Finance On The Financing Constraints Of Smes From The Perspective Of Heterogeneity

Small and medium-sized enterprises account for more than 95% of the number of Chinese enterprises,and play a very important pillar role in promoting economic growth,full employment and technological innovation.In contrast to the great contribution made by small and medium-sized enterprises to economic growth and employment,financing constraints in external markets are prevalent in small and medium-sized enterprises at present.For example,compared with state-owned enterprises,smes are difficult and expensive in financing.Some banks are afraid,unwilling or unable to lend to small and medium-sized enterprises.Small and medium-sized enterprises have a relatively high demand for funds due to their short establishment time and small scale,and the lack of internal financing funds leads to large external capital demands of small and medium-sized enterprises.However,due to the lack of collateral,imperfect credit information and possible moral hazard,small and medium-sized enterprises are often excluded from the modern credit system,which leads to the financing constraints of small and medium-sized enterprises.In recent years,with the country’s strong support for inclusive finance,the connection between inclusive finance and various digital technologies such as the Internet has become closer,giving rise to digital inclusive finance.Digital inclusive finance refers to all the behaviors that use digital financial services to improve inclusive finance.It is characterized by common enjoyment,security,low threshold and low cost.It aims to improve the risk control ability of finance,so that people and enterprises that have long been excluded by modern finance can enjoy more social capital services.Digital financial inclusion has many advantages,such as reducing the operating costs of enterprises,expanding the coverage and accuracy of services,and providing financial services during the pandemic,which has played an important and positive role in promoting the development of financial inclusion.Whether digital inclusive finance can alleviate the financing constraints faced by smes is the focus of this paper.Through qualitative analysis,this paper reviews domestic and foreign literature,analyzes the current situation,causes and relevant theoretical basis of financing constraints faced by small and medium-sized enterprises,and determines the model and relevant variables according to the literature.Next,this paper uses the Guotaian database to download and process the data of smes from 2011 to 2020,and finally obtains the data of 5851 enterprises.This paper constructs the benchmark model and four extended models,and uses the two-way fixed-effect model to test whether digital financial inclusion can alleviate the financing constraints of smes.Moreover,we examine the different impacts of digital financial inclusion on smes’ financing constraints from the perspectives of regional heterogeneity and equity property heterogeneity.Through the empirical research,this paper draws the following conclusions:(1)smes do exist in the external market financing constraints in our country.The development of digital financial inclusion can ease the financing constraints faced by smes.(2)Digital inclusive finance can help alleviate the financing problems faced by smes at the three levels of coverage,depth of use and digital level.Among them,the degree of digitization has the strongest moderating effect,followed by the coverage breadth,and the worst is the depth of use.(3)From the perspective of property property heterogeneity,compared with state-owned smes,non-state-owned smes can better grasp the financing opportunities provided by digital inclusive finance.In other words,the moderating effect of digital inclusive finance growth is more effective for non-state-owned enterprises.(4)From the perspective of heterogeneity of regional development level,compared with places with relatively poor economic development,the development of digital inclusive finance has a better easing effect on financing constraints of smes with high economic level.