Research on the Mechanism and Effect of Shared Finance Relieving Small and Micro Enterprises' Financing Constraints

At present, getting into financing constraints is the main obstacle to the sustainable development of small and micro enterprises. With the integration and reorganization of Internet financial platforms, the emergence of shared finance provides new ideas for solving the financing constraints of small and micro enterprises. From the perspective of shared finance, this paper discusses the theoretical mechanism of shared finance to relieve the financing constraints of small and micro enterprises, puts forward hypotheses, selects the variables that shared finance relieves the financing constraints of small and micro enterprises, and establishes a multi-regression-based model of the adjustment effect of shared finance for empirical testing. The results show that the cash-cash flow sensitivity of small and micro enterprises is relatively strong, and there are financing constraints. Shared finance can have a negative impact on the changes in corporate cash holdings and cash flow, ease the financing constraints of small and micro enterprises, and reduce the impact of sharing financing. It is of great significance to promote the development of shared finance and small and micro enterprises by putting forward relevant suggestions from the perspectives of financial platforms and small and micro enterprises themselves.