The Impact of Digital Finance on the Operation Efficiency of SMEs

——An Empirical Study Based on Shenzhen GEM Data

Abstract：In recent years，the rapid development of digital finance provides small and medium- sized enterprises (SMEs) with a new channel for financing，which may become an important driving force for the digital transformation and improvement of operation efficiency of SMEs in China. To this end，based on the data of listed enterprises of Shenzhen GEM and Digital Finance Index of Peking University，the authors use fixed effect model and mediation effect model to test the impact of digital finance on the operation efficiency of SMEs and its mechanism，and carry out necessary endogenous analysis and robustness test. It is found that：the digital finance raises the operation efficiency of SMEs ，and there is obvious heterogeneity because of the stronger promoting effect on small- scale SMEs and manufacturing SMEs ；and in terms of the mechanism，digital finance promotes SMEs’operation efficiency by driving its innovation. These conclusions indicate that ：first，the development of digital finance should be continuedly encouraged，and efforts should be made to eliminate financing constraints faced by SMEs during its innovation activities；second，it is necessary to make full use of the“features”of different types of SMEs and provide different digital financial services according to different sizes and industries of SMEs ；and third，SMEs should actively promote its innovation and fully absorb the positive effect of digital finance on improving operation efficiency to improve its operation efficiency and enhance their competitiveness.

Key words：digital finance；SME’s innovation；operation efficiency；GEM

doi：10.14089/j.cnki.cn11-3664/f.2021.08.004

.新发展格局下的要素流动与区域合作[J].中国流通经济，2021（8）：40-48.引用格式：娄伟，李萌，潘家华