Research On Digital Inclusive Finance To Alleviate The Financing Constraints Of Small And Medium-sized Enterprises

Small and medium-sized enterprises in China’s economic development and social progress has played an important role in self-evident.It plays a unique positive influence in increasing the employment of workers,promoting economic growth,stimulating social innovation and serving people’s lives.Under the background of China’s financial system dominated by big banks,because of information asymmetry and the existence of transaction costs,the financing difficulties of SMEs in China can not be fundamentally resolved,and SMEs have long faced financing constraints.With the rapid development of digital inclusive finance,it is expected to provide a new solution to this problem.Therefore,it has important significance to analyze the mechanism of the digital inclusive financial to alleviate the financing constraints of SMEs.This paper first summarizes the domestic and international literature on digital inclusive finance and financing constraints,On this basis,combined with the optimal financial structure theory of new structuralism economics,this paper proposes a mechanism hypothesis of digital inclusive finance to ease the financing constraints of SMEs,and discusses the intermediary effect of financial structure in this process.There are two mechanisms of digital inclusive finance to ease financing constraints of SMEs.First,digital inclusive financial can reduce the information asymmetry between SMEs and financial institutions and improve the ability of financial institutions to serve SMEs.In order to directly alleviate the financing constraints of SMEs,the second is that digital inclusive finance can promote China’s financial structure to the financing of SMEs in the direction of adjustment,so as to indirectly ease the constraints on SMEs financing.On this basis,proposed the research hypothesis.Then,this paper takes 684 listed SMEs in China from 2017 to 2020 as a research sample,Build a benchmark model and intermediary effect model,with financing structure,banking structure and interest rate structure as the intermediary variables,empirical regression analysis,in-depth study of digital financial inclusion to alleviate the transmission mechanism of financing constraints of SMEs.Taking into account the heterogeneity of digital inclusive finance to ease the financing constraints of SMEs,this paper also studies the difference of the mitigation effect of digital inclusion finance on different ownership attributes and different regions of SMEs.Through the analysis of empirical results,the hypothesis proposed in this paper is confirmed.Based on the analysis of the empirical results,this paper proposes the following conclusions:First,digital inclusive finance can significantly alleviate the financing constraints faced by SMEs.The development of digital inclusive finance effectively reduces the adverse selection and moral hazard faced by financial institutions in providing loans to SMEs,reduces the information asymmetry between SMEs and financial institutions,and alleviates the financing constraints of SMEs.In addition,relying on big data technology brought by digital inclusive finance,The service cost of financial institutions to SMEs is greatly reduced,the risk identification of SMEs is more accurate,improve the financial institutions’ ability to serve SMEs,and alleviate the constraints of SMEs financing.Second,financial structure plays an intermediary role in the process of easing financial constraints in digital inclusive finance.First of all,digital inclusive finance indirectly relieves the financing constraints of SMEs by promoting the adjustment of financing structure,that is,the proportion of indirect financing in the financing structure of enterprises is increasing.Secondly,digital inclusive finance indirectly relieves the financing constraints of small and medium-sized enterprises by promoting the adjustment of banking structure,i.e.,the proportion of the small and medium banks in the banking structure continues to increase.Finally,digital inclusive finance can indirectly alleviate the financing constraints of SMEs by adjusting the interest rate structure,i.e.,promoting the adjustment of interest rate in favor of SMEs.Thirdly,digital inclusive finance is heterogeneous in alleviating the financing constraints of SMEs.First,the heterogeneity of property rights,that is,the role of digital inclusive finance on private SMEs financing constraints is stronger,the second is regional heterogeneity,that digital inclusive financial constraints on SMEs in central and western regions to ease the financing constraints stronger.Finally,based on theoretical analysis and empirical analysis,this paper puts forward relevant policy suggestions on how to better promote digital inclusive finance to ease the financing constraints of SMEs.