数字普惠金融对中小微企业融资效率的影响——基于江苏省样本的数据

The Impact of Digital Inclusive Finance on the Financing Efficiency of Small, Medium and Micro Enterprises—Based on Data from Jiangsu Province Samples

摘要: 中小微企业随着数字普惠金融的普及拓宽了融资渠道，减轻了融资成本与约束，对其本身而言有利于提升其运营效率和发展能力。本研究以江苏省的中小微企业为主体，探讨了数字普惠金融对中小微企业融资效率的影响，抽取了2019~2024年间江苏省新三板中50家中小微企业的数据，通过建立DEA模型量化企业融资效率，再利用北大数字普惠金融指数与二级指标覆盖广度、使用深度、数字化程度进行Tobit回归分析。实证结果表明，数字普惠金融总指数和三个二级指标都能够提高中小微企业的融资效率。对此政府应完善数字普惠金融体系；金融机构要优化金融服务；中小微企业自身也应积极迎接数字化转型以更好地利用数字普惠金融促进自身发展。

Abstract: With the popularization of digital inclusive finance, small, medium and micro-sized enterprises (SMEs) have broadened their financing channels and reduced financing costs and constraints, which helps improve their operational efficiency and development capacity. This study takes SMEs in Jiangsu Province as the research subject to explore the impact of digital inclusive finance on the financing efficiency of SMEs. It selects data from 50 SMEs listed on the National Equities Exchange and Quotations (NEEQ) in Jiangsu Province from 2019 to 2024, quantifies corporate financing efficiency by establishing a DEA model, and then conducts Tobit regression analysis using the Peking University Digital Inclusive Finance Index and its secondary indicators: coverage breadth, usage depth, and digitization level. The empirical results show that the overall digital inclusive finance index and the three secondary indicators can all improve the financing efficiency of SMEs. Accordingly, the government should improve the digital inclusive finance system; financial institutions should optimize financial services; and SMEs themselves should actively embrace digital transformation to better leverage digital inclusive finance for their own development.