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

摘要： 金融歧视下的资源错配，已成为中小企业健康可持续发展的掣肘。如何突破这一约束，融合“普”与“惠”的数字普惠金融被寄予厚望。本文基于数字普惠金融的内涵与中小企业健康可持续发展对金融资源的诉求进行理论分析，然后构建链式多重中介效应模型，利用江苏省13个地级市的数字普惠金融指数及中小企业发展调研数据，检验数字普惠金融发展对中小企业景气提升的作用及其机制。结果发现：数字普惠金融对中小企业景气提升具有显著的正向作用，覆盖广度、使用深度和数字化程度的提高都能促进中小企业景气指数上升。机制分析表明，数字普惠金融的发展能降低中小企业融资成本，从而提高融资匹配度，由此提升中小企业景气指数。特别地，数字普惠金融发展对中小企业景气的提升作用具有“均衡器效应”，景气状况较差的中小企业能够从中获益更多。为此，应当持续推动数字普惠金融发展，借助其抑制金融资源错配功能，破解中小微企业融资约束，提升其发展中的景气度。

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