Research on the Impact of Digital Inclusive Finance on Financing Constraints for Small and Medium sized Enterprises

DOI: https://doi.org/10.62517/jbm.202609508

Author(s)

Meifang Jiang

Affiliation(s)

Suzhou Agricultural Institute, Suzhou, Jiangsu, China

Abstract

Small and medium-sized enterprises are an important force in absorbing employment, promoting innovation, and stabilizing the economy, but they have long faced prominent financing constraints. Digital inclusive finance, relying on technologies such as big data, cloud computing, and artificial intelligence, provides a new path to solving this problem. On the basis of reviewing the theory of financing constraints and the research context of digital inclusive finance, this article systematically analyzes the mechanism of the impact of digital inclusive finance on financing constraints for small and medium-sized enterprises from four dimensions: alleviating information asymmetry, reducing transaction costs, expanding financial service boundaries, and intensifying financial market competition. A bidirectional fixed effect research framework is constructed, with the Peking University Digital Inclusive Finance Index as the core explanatory variable and the SA index as the measurement of financing constraints. Research suggests that digital inclusive finance can significantly alleviate financing constraints for small and medium-sized enterprises, and this alleviation effect is more pronounced for non-state-owned enterprises, enterprises in economically underdeveloped areas, and small-scale enterprises. Finally, policy recommendations are proposed from the aspects of improving digital infrastructure, establishing a sound data sharing and credit system, and guiding traditional financial institutions to undergo digital transformation.

Keywords

Digital Inclusive Finance; Small And Medium-Sized Enterprises; Financing Constraints; Information Asymmetry; SA index

References

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