关键词: 数字普惠金融, 融资成本, 融资匹配度, 中小企业, 景气指数

Abstract: ：The misallocation of resources under financial discrimination has become a constraint to the healthy and sustainable development of SMEs How to break through this constraint，the digital financial inclusion that integrates “inclusive” and “benefit” is highly expected Free from the constraints of physics，information and cost，digital financial inclusion can better adapt to the financing needs of SMEs，thereby helping SMEs to achieve healthy and sustainable development
Based on the connotation of digital financial inclusion and the demands of SMEs for healthy and sustainable development on financial resources，the paper conducts a theoretical analysis，and then builds a chained multiple mediation effect model，using the digital financial inclusion index and SMEs development survey data of 13 prefecturelevel cities in Jiangsu Province from 2015 to 2019 to test the effect and mechanism of digital financial inclusion development on the prosperity index of SMEs
The results show that digital financial inclusion has a significant positive effect on the prosperity of SMEs，and the improvement of coverage breadth，depth of use and digitalization level can promote the rise of the prosperity index of SMEs Likewise，the deepening of its use in payment，insurance，investment and credit also has a positive effect The results still hold after the robustness test，and the impact of endogeneity is also ruled out
The mechanism analysis indicates that the advance of digital financial inclusion can reduce the financing cost，thereby improving the matching degree of financing，and then improving the prosperity index of SMEs In particular，the development of digital financial inclusion has a balanced effect on the improvement of the prosperity of SMEs，and those with poor prosperity can benefit more from it
The research contributions include the following：Firstly，the research constructs a prosperity index for SMEs to measure their health and sustainability status from the composite dimensions of survival and development Secondly，the research focuses on the misallocation of resources in the financial support for the development of SMEs，and then reveals the mechanism of digital financial inclusion to enhance the prosperity of SMEs，where the financing cost and the matching degree of financing together constitute a chained multiple mediation effect Thirdly，the research confirms the balanced effect of the impact of digital financial inclusion on the prosperity of SMEs，which provides a new path for the realization of common prosperity from the perspective of healthy and sustainable development of SMEs
To this end，it is necessary to continue the development of digital financial inclusion，and use its function of suppressing the misallocation of financial resources to truly realize “cover hundreds” and “benefit thousands”

Key words: digital financial inclusion, financing cost, misallocation of financial resources, small and mediumsized enterprises（SMEs）, prosperity index