| In recent years,Small and Medium-sized enterprises(SMEs)have had financing difficulties and increased operational risks due to their small scale,weak anti-risk ability and single business model.However,SMEs play an increasingly important role in ensuring fiscal revenue,solving employment problems,and promoting economic growth.It is worth noting that the rapid development of digital finance has provided new channels for SMEs to finance,and has become an important driving force for SMEs to digitally transform and improve operational efficiency.However,there has been little attention paid to the relationship between digital finance and the operational efficiency of SMEs.Especially in the context of increasingly fierce internal and external competition for SMEs,it is necessary to study the role of the rapid development of digital finance on improving the operational efficiency of s SMEs,and provide useful inspiration for the subsequent digital finance in supporting the development of the real economy.Based on the Digital Financial Inclusion Index of Peking University and the data of listed companies on Shenzhen GEM,this thesis uses the fixed effect model and the intermediary effect model to test the impact of digital finance on the operational efficiency of SMEs and its mechanism,respectively,and conducts the necessary endogenous analysis and robustness test.The study found that digital finance has significantly improved the operational efficiency of SMEs,and this improvement has obvious heterogeneity-the promotion effect on SMEs is stronger;from a mechanism point of view,digital finance drives SMEs innovation to improve their operational efficiency.The above conclusions are helpful for a deeper understanding of the relationship between digital finance and the development of SMEs,thus providing a solid empirical basis for the optimization of relevant policies for digital finance to better promote the development of SMEs and actively promote the innovation and transformation of SMEs. |
