| The development of enterprises cannot be separated from capital and innovation,and the healthy development of small and medium-sized enterprises is more restricted by financing constraints,limited by information asymmetry,narrow financing channels and high financing costs.Currently,small and medium-sized enterprises generally face greater pressure on business performance.In recent years,cloud computing,big data,blockchain and other digital information technologies have developed rapidly,and are increasingly deeply combined with the financial industry to produce digital inclusive finance.The development of digital inclusive finance is expected to ease the financing constraints of small and medium-sized enterprises,promote technological innovation of enterprises,and thus improve the business performance of enterprises.At present,there are abundant researches on digital financial inclusion,most of which focus on the effects of digital financial inclusion on economic growth,narrowing the gap between urban and rural areas,and promoting industrial upgrading,while there are few researches on micro enterprises,which mainly focus on technological innovation and financing constraints of enterprises.Combing past literature studies,this paper analyzes the relationship between digital financial inclusion and the business performance of small and medium-sized enterprises based on the theory of information asymmetry,the theory of the long tail,the theory of enterprise growth cycle and the law of financing demand.Based on this theory,companies listed on GEM from 2011 to 2020 are used as research objects,and a multidimensional evaluation index system is constructed by using principal component analysis method to measure the business performance of enterprises.According Peking University Digital Financial Inclusion Index,the digital financial inclusion index index is constructed,and the financing constraint index of enterprises is constructed according to the SA index.Through empirical tests,it is concluded that the development of digital inclusion finance improves the business performance of smes,and financing constraints and technological innovation play a part of the intermediary effect.This study further clarifies the mechanism of the impact of digital financial inclusion on the business performance of smes,and puts forward targeted suggestions.First,increase the construction of digital financial infrastructure,improve the service level of digital financial inclusion,and narrow the development gap of digital financial inclusion between regions.Second,traditional financial institutions should embrace big data,artificial intelligence,cloud computing and other digital technologies,accelerate the pace of digital transformation,and enhance the level of support for the real economy.Third,enterprises should improve their digital and information level,actively connect with the information platforms of financial institutions,reduce information asymmetry,and improve financing efficiency. |
