数字普惠金融对融资约束的影响研究——以专精特新企业为例

A Study on the Impact of Digital Inclusive Finance on the Financing Constraints—Taking SRDI Enterprises as Examples

摘要: 专精特新企业在融资过程中常常遇到融资渠道有限、融资成本较高等问题。随着数字技术的不断进步，数字普惠金融的普及为这些企业开拓了新的融资路径，有效打破了企业面临的资金困境。本文运用实证分析手段，探讨了数字普惠金融对专精特新企业融资约束的影响。研究发现，数字普惠金融能够显著减轻专精特新企业面临的融资困境，其中融资成本率作为关键中介变量，在这一过程中发挥了重要的传导作用。此外，相较于其他所有制企业与地区，数字普惠金融在缓解民营企业、中西部地区的专精特新企业融资约束方面的表现更为突出。

Abstract: SRDI enterprises generally encountered the problems such as limited funding channels and high costs of the funding process. With the progress of digital technology, the promotion of digital inclusive finance opened up new financing channels and effectively alleviated the pressure of capital. Using empirical analysis, this paper explored the impact of digital financial inclusion on the financing constraints of SRDI enterprises. The analysis revealed that digital inclusive finance significantly reduced the financing constraints of SRDI enterprises. The mechanism analysis showed that digital inclusive finance can effectively reduce the financing pressure of SRDI enterprises by reducing their financing costs rate. In addition, the heterogeneity analysis showed that digital inclusive finance played a more significant role in alleviating the financing constraints in the non-state enterprises, central and western regions.