Under the triple pressure of shrinking demand,supply impact and weakening expectation,the momentum of traditional economic development is weakened,and digital transformation has become the general trend.This paper construed a research framework"Development of the digital economy and financing restrictions for small and medium-sized enterprises",which can highlight the internal mechanism of the digital economy that influences financing restrictions for small and medium-sized enterprises.Based on the financial data of small and medium-sized board listed enterprises from 2012 to 2020,this study empirically tested the relationship between digital economy and financial constraints of small and medium-sized enterprises by matching the digital development index of the city where the enterprise is located.The results showed that the impact of the development of digital economy on the financing conditions of small and medium-sized enterprises presented a significant"inverted U"feature,which showed the evolution process has gone from"digital divide"to"digital dividend".The uncertainty of economic policy weakened the dividend of digital economy to alleviate the financing constraints of small and medium-sized enterprises;There were significant regional and industrial heterogeneity differences in the impact of digital economy on the financing constraints of small and medium-sized enterprises.The mechanism analysis results showed that the digital economy alleviated the financing constraints of small and medium-sized enterprises through the transmission of bottom core digital technology.
digital economyfinancing constraintssmall and medium-sized enterprisesregulatory effectmechanism analysis
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