地区金融科技发展水平与企业信贷可得性

Regional Financial Technology Development and Firms’ Access to Credit

摘要: 在数字技术与金融业加速融合的背景下，金融科技作为驱动数字金融与普惠金融深度融合的核心引擎，已成为提高金融服务的便利性和竞争性的关键支撑。本文基于2009~2023年中国上市公司面板数据，以地级市金融科技机构数量衡量地区金融科技发展水平，系统探究金融科技对企业信贷可得性的影响及作用机制。研究发现，金融科技的发展显著提高企业信贷可得性，该结论在考虑内生性问题以及进行稳健性检验后依然成立。机制分析表明，金融科技通过缓解银企信息不对称促进了信贷可得性的提高。异质性分析显示，金融科技的普惠效应在低经济发展地区和非高科技行业中表现得更为明显，呈现出典型的“补短板”特征。因此，应持续推进金融科技发展，以破解企业融资约束、提升信贷可得性，从而引导金融资源更高效地服务实体经济，推动普惠金融更高质量的发展。

Abstract: With the rapid integration of digital technology and the financial industry, financial technology (fintech) has become an important driver of the deep integration of digital finance and inclusive finance and a key support for improving the convenience and competitiveness of financial services. Based on panel data of Chinese listed companies from 2009 to 2023, this study uses the number of fintech institutions in prefecture-level cities to measure regional fintech development and examines its impact on firms’ access to credit. The results show that fintech significantly improves firms’ access to credit, and this finding remains robust after addressing endogeneity and conducting robustness tests. Mechanism analysis shows that fintech improves firms’ access to credit by reducing information asymmetry between banks and firms. Further analysis reveals that this positive effect is stronger in less economically developed regions and in non-high-tech industries, indicating that fintech can help address weaknesses in financial services. Therefore, promoting fintech development can alleviate firms’ financing constraints, improve firms’ access to credit, and facilitate the more efficient allocation of financial resources to the real economy, thereby supporting the high-quality development of inclusive finance.