Abstract: Inclusive growth is an important goal of economic development. Active entrepreneurial activities have created a large number of new jobs, which make development benefit more people and become an important means to achieve inclusive growth. However, financial constraints often become an obstacle of entrepreneurial activities. This paper studies the mechanism of using digital financial development to alleviate the constraints of venture capital and achieve inclusive growth. It is found that digital financial development is indeed conducive to the development of entrepreneurial activities and helps to achieve inclusive growth, and the use depth and digital degree of digital finance play a significant role in easing the constraints of venture capital. In the study of the heterogeneity of different dimensions in different regions, it is found that digital finance is more conducive to the entrepreneurial activities in the areas with lower urbanization level and lower social capital, which confirms that the development of digital finance is more conducive to the realization of inclusiveness. However, the heterogeneity of human capital does not have a significant impact on the difference of digital finance promoting entrepreneurial activities. In addition, a higher level of regional innovation will help digital finance to further utilize entrepreneurial opportunities and carry out entrepreneurial activities better.

Key words: Digital Finance, Inclusive Effect, Seed Capital, Inclusive Growth

摘要： 包容性增长是经济发展追求的重要目标,活跃的创业活动带来了大量新增就业岗位,使得发展惠及更多人口,成为实现包容性增长的重要手段,但创业资金约束往往成为创业活动开展的障碍。本文对利用数字金融发展缓解创业资金约束进而实现包容性增长的机制进行研究发现:数字金融发展有助于创业活动的开展从而实现包容性增长,其中数字金融的使用深度和数字化程度对于缓解创业融资约束作用更为明显。在对地区不同维度异质性的考察中发现,数字金融对于城镇化水平较低地区的创业活动更有促进作用,数字金融在更大更广的范围提供普惠金融服务对社会资本较低地区的创业活动更有裨益,但人力资本异质性对数字金融促进创业活动的差异性不够显著,另外更高的地区创新水平有助于创业主体利用数字金融开展创业活动。

关键词: 数字金融, 普惠效应, 创业资金, 包容性增长