Abstract：Based on the cash-cash flow sensitivities model and the data of listed companies in China's SME board,this paper investigates the impact of China's inclusive finance innovation on the financing constraints of Small and Medium-sized Enterprises(SMEs)from the perspectives of digital inclusive finance and the internet finance development.The results show that the SMEs have significant cash-cash flow sensitivities,that is,SMEs face significant financing constraints.The development of digital inclusive finance and the internet finance obviously ease the financing constraints of SMEs.Besides,the coverage,depth and digital support of digital inclusive finance can all help release the constraints.Compared with the state-owned SMEs,the inclusive finance innovation contributes more to easing financing constraints of private SMEs.From the perspective of inclusive finance innovation,this paper gives insights to break out from the financing difficulties of SMEs.
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