数字普惠金融对中小企业融资约束的影响——基于中小板上市公司的实证研究

The Impact of Digital Inclusive Finance on the Financing Constraints of Small and Medium-Sized Enterprises—Based on the Empirical Research of Listed Companies on the Small and Medium-Sized Enterprise Board

摘要: 中小企业普遍面临着融资约束的问题，而数字普惠金融的出现为缓解融资约束提供了新的思路。为了考察数字普惠金融对中小企业融资约束的影响作用，本文采用2011~2021年中小板上市公司的数据构建双向固定效应模型进行检验。得出结论，数字普惠金融对中小企业融资约束有着显著的缓解作用。通过异质性分析发现，数字普惠金融对非国有中小企业、经济不发达地区中小企业融资约束的缓解作用更为明显。针对以上结论，本文从政府、金融机构和企业自身三个方面提出建议，以期更好地解决中小企业所面临的融资约束问题，促进中小企业的蓬勃发展。

Abstract: Small and medium-sized enterprises are generally facing the problem of financing constraints, and the emergence of digital inclusive finance provides new ideas for alleviating financing constraints. In order to investigate the impact of digital inclusive finance on the financing constraints of small and medium-sized enterprises, this paper uses the data of small and medium-sized board listed companies from 2011 to 2021 to construct a two-way fixed effect model for testing. It is concluded that digital inclusive finance has a significant alleviating effect on the financing constraints of SMEs. Through heterogeneity analysis, it is found that digital inclusive finance has a more obvious effect on alleviating the financing constraints of non-state-owned SMEs and SMEs in economically underdeveloped areas. In view of the above conclusions, this paper puts forward suggestions from three aspects: the government, financial institutions and enterprises themselves, in order to better solve the financing constraints faced by SMEs and promote the vigorous development of SMEs.