Research On The Impact Of Digital Inclusive Finance On Financing Constraints Of Chinese Small And Medium-sized Enterprises

As of the end of 2021,the number of small and medium-sized enterprises in China reached 48.81 million.Small and medium-sized enterprises have accounted for over 99%of China’s enterprises.At the same time,the geographical distribution of small and medium-sized enterprises is also uneven,mainly in the southeast coastal areas,with the highest proportion of small and medium-sized enterprises in Jiangsu,Zhejiang,and Shanghai.In March 2022,Minister of Industry and Information Technology Jin Zhuanglong pointed out that small and medium-sized enterprises in China contribute 50%of tax revenue,over 60%of GDP,over 70%of technological innovation,over 80%of urban labor employment,and over 90%of the number of enterprises.Small and medium-sized enterprises are an indispensable component of achieving high-speed and high-quality development of China’s economy,and are also the fundamental force for achieving economic takeoff.For a long time,the development of small and medium-sized enterprises has been inseparable from credit support,and traditional financing paths have been difficult to meet the growing financing needs of small and medium-sized enterprises.At present,domestic and foreign scholars’ research on financing constraints for small and medium-sized enterprises mostly focuses on improving traditional financing paths,such as studying bank behavior,supply chain finance,policy support,etc.The research on digital inclusive finance,which has just emerged in recent years,is not in-depth enough.At present,the digitalization level of small and medium-sized enterprises in China is still at a relatively low level,and the total expenditure on ICT(communication and communication technology)accounts for about 30%of the total expenditure of Chinese enterprises on ICT(communication and communication technology).Small and medium-sized enterprises still have some weakness in obtaining financing through digital technology.With the rapid development of digital inclusive finance,the availability of financial services can be effectively improved through means such as big data and artificial intelligence,helping small and medium-sized enterprises alleviate financing constraints.This article first summarizes and reviews relevant literature on the measurement of financing constraints,how digital finance affects corporate financing constraints,and issues related to digital finance indicators.Firstly,it summarizes and elaborates on the financing issues of small and medium-sized enterprises,the current situation and development of digital inclusive finance,and reveals the practical and theoretical significance of the research topic in this article.In the empirical process of this article,the bidirectional fixed effects model and KZ index model were mainly used to quantitatively analyze the degree of financing constraints of enterprises.Entrepreneurial spirit plays an important role in the operation of enterprises.This article focuses on analyzing the important characteristic of entrepreneurial spirit and analyzes the mechanism of the impact of entrepreneurial spirit on the financing constraints of small and medium-sized enterprises in digital inclusive finance.This article concludes that digital finance can alleviate the financing constraints of small and medium-sized enterprises.The promotion effect of coverage breadth on financing constraints of small and medium-sized enterprises in China is better.Digital inclusive finance can better alleviate the financing constraints of non-state-owned small and medium-sized enterprises in the central and western regions of China;Entrepreneurial spirit will enhance the reverse mitigation effect of digital inclusive finance on financing constraints.Finally,this paper puts forward the following policy recommendations:(1)accelerate the Digital transformation of the government,financial institutions and even small and medium-sized enterprises to conform to the development of the times;(2)Accelerate the reform of financial regulation and make progress in keeping with the development of digital inclusive finance;(3)Promote the role of digital inclusive finance in alleviating financing constraints for small and medium-sized enterprises in underdeveloped areas,and narrow the uneven development gap in China’s regions;(4)Small and mediumsized enterprises should strengthen their own credit management,actively disclose their financial information,and cooperate with the development of digital inclusive finance to alleviate financing constraints.