Research on the Impact of Digital Finance on the High-Quality Development of Small and Medium-sized Enterprises: Evidence from Listed Companies on the Beijing Stock Exchange
DOI:
https://doi.org/10.62051/p4n78p03Keywords:
Small and Medium-sized Enterprises; High-quality Development; Digital Finance; Fixed Effect Model.Abstract
In the era of digital economy, digital finance is an important engine driving the high-quality development of enterprises, and small and medium-sized enterprises solve most of the employment problems in China. Therefore, it is of great significance to discuss the impact of digital finance on the high-quality development of small and medium-sized enterprises. This paper takes small and medium-sized enterprises listed in Beijing Stock Exchange as the research object, and uses two-way fixed effect model to empirically test the influence of digital finance on the high-quality development of small and medium-sized enterprises. The results show that digital finance has a significant promoting effect on the high-quality development of small and medium-sized enterprises. This held true after changing the measure of the explained variable. Mechanism analysis shows that digital finance improves the level of high-quality development by alleviating the "expensive financing" and "difficult financing" of enterprises. Further analysis shows that the impact of digital finance on the high-quality development of small and medium-sized enterprises is heterogeneous among small and medium-sized enterprises of different natures and also heterogeneous among small and medium-sized enterprises in different regions. Finally, this paper puts forward relevant policy suggestions: first, the government needs to further promote the development of digital finance; Second, the government needs to pay attention to the inclusive features of the development of digital finance. Third, the government needs to further improve the inclusive mechanism of digital finance for small and medium-sized enterprises.
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