金融科技、银行业竞争与中小企业融资约束

Fintech, Banking Competition and SME Financing Constraints

摘要: 将金融科技发展水平、银行业竞争与融资约束三者纳入同一研究框架，以2011~2020年中国中小板和创业板上市企业为样本，将金融科技、银行业竞争与融资约束三者间的相互关系及银行业竞争在两者间的中介作用进行实证研究。研究表明：金融科技发展水平与融资约束显著负相关，银行业竞争与融资约束显著正相关，金融科技发展水平与银行业竞争显著负相关，银行业竞争在金融科技发展水平与融资约束之间的关系中起着部分中介作用，即金融科技发展水平通过影响银行业竞争，进而对融资约束产生影响。

Abstract: In this paper, the fintech development level, banking competition and financing constraints are brought into the same research framework, and the relationship among fintech, banking competi-tion and financing constraints and the intermediary role of banking competition between them are empirically-studied by taking the listed enterprises of small and medium board and gem board in China from 2011 to 2020 as samples. Research shows that: Fintech development level is signifi-cantly negatively correlated with financing constraints, banking competition is significantly posi-tively correlated with financing constraints, and fintech development level is significantly negative-ly correlated with banking competition. Banking competition plays a partial intermediary role in the relationship between fintech development level and financing constraint, that is, fintech devel-opment level influences banking competition, and then influences financing constraint.