数字普惠金融与新质生产力——基于A股上市中小企业的实证研究

Digital Inclusive Finance and New Productivity—An Empirical Study Based on A-Share Listed Small and Medium-Sized Enterprises

摘要: 数字普惠金融的快速发展为中小企业发展提供有利条件，是助力经济高质量发展的重要支撑。本文以2011~2023年中国市级数字普惠金融指数和深交所A股中小板、创业板上市公司数据为样本，对数字普惠金融与中小企业新质生产力关系进行了实证分析。研究发现：(1) 数字普惠金融能显著促进中小企业新质生产力发展，该结论经过稳健性检验仍成立。(2) 数字普惠金融通过缓解融资约束(融资效应)和提升研发投入(创新效应)两条路径推动新质生产力发展。(3) 企业数字化转型在数字普惠金融与新质生产力之间发挥中介作用。本文为理解数字普惠金融在推动中小企业高质量发展中的作用提供了经验证据，并为相关政策制定提供了参考。

Abstract: The rapid development of digital inclusive finance provides favorable conditions for the growth of Small and Medium-sized Enterprises (SMEs) and serves as an important support for high-quality economic development. This paper empirically analyzes the relationship between digital inclusive finance and the new-quality productivity of SMEs, using data from China’s municipal-level digital inclusive finance index and listed companies on the SME Board and ChiNext of the Shenzhen Stock Exchange from 2011 to 2023. The findings indicate that: (1) digital inclusive finance significantly promotes the development of new-quality productivity of SMEs, and this conclusion remains valid after robustness checks. (2) Digital inclusive finance drives the development of new-quality productivity through two pathways: alleviating financing constraints (financing effect) and enhancing R&D investment (innovation effect). (3) Corporate digital transformation plays a mediating role between digital inclusive finance and new-quality productivity. This paper provides empirical evidence for understanding the role of digital inclusive finance in promoting high-quality development of SMEs and offers insights for relevant policy formulation.