The Empirical Research on Impact of Digital Finance Development on the Performance of Small and Medium-sized Company in Manufacture Industry in China

Based on Digital Financial Inclusion Index of China (DIFI) established by research group of the Digital Finance Research Center of Peking University, this paper chose the panel data of samples from 2011-2020 Chinese manufacture industry from CSMAR gem data, analysis the digital finance development impact on the performance of Chinese SMEs in manufacture industry, Test the impact of enterprise performance, and the heterogeneity analysis of different companies in different regions in China, and conduct the necessary endogeneity analysis and robustness test. The empirical research results show that: digital finance development improve the performance of Chinese manufacture industry SMEs, and there is reginal heterogeneity, the promotion effect is more effective in western region of China. Also there exist significant lag effect on performance improvement.