Based on the cash-cash flow sensitivity model，this project will match the 17 prefecture-level digital financial inclusion index of Shandong Province from2014 to 2018 with the data of Shandong Province’s NEEQ listed companies，build a panel measurement model，and empirically test digital inclusion The effect of finance on alleviating the financing constraints of SMEs. The empirical results show that：SMEs in Shandong Province have obvious cash-cash flow sensitivity，that is，they face significant financing constraints；the higher the level of digital financial inclusion，the lower the company’s cash-cash flow sensitivity and the degree of financing constraints The lower it is，it indicates that the development of digital financial inclusion has effectively alleviated the financing constraints of enterprises；through the analysis of heterogeneity，it can be seen that compared with state-owned enterprises，digital financial inclusion has a more significant effect on alleviating financing constraints of private enterprises.