数字普惠金融对中小企业融资约束的影响机制研究

Research on the Influence Mechanism of Digital Inclusive Finance on Financing Constraints of Small and Medium-Sized Enterprises

摘要: 近年来，随着中国经济增速的放缓以及三年疫情的冲击，使本就局促的中小企业融资难问题变得尤为突出，而数字普惠金融的发展为缓解中小企业的融资约束问题提供了新的思路。本文选取2012~2020年中小板及创业板的上市企业数据，采用动态效应分析、中介效应分析及异质性分析的方法，实证研究数字普惠金融的发展对中小企业融资约束的影响机制。研究表明：数字普惠金融的发展可以显著地缓解中小企业的融资约束；分维度来看，使用深度、数字化程度均可以有效降低融资约束；数字普惠金融可以通过提高中小企业短期融资可得性、降低融资成本来缓解企业融资约束；异质性角度来看，数字普惠金融在产权属性、技术属性和监管时序上具有显著的偏向性。

Abstract: In recent years, with the slowdown of China’s economic growth and the impact of the epidemic in the past three years, the financing difficulties of small and medium-sized enterprises have become particularly prominent, and the development of digital inclusive finance has provided a new way to alleviate the financing constraints of small and medium-sized enterprises. This paper selects the data of listed enterprises on the small and medium-sized board and GEM from 2012 to 2020, adopts dynamic effect analysis, intermediary effect analysis and heterogeneity analysis methods, and empirically studies the influence mechanism of the development of digital inclusive finance on the financing constraints of small and medium-sized enterprises. The research shows that the development of digital inclusive finance can significantly ease the financing constraints of smes; from the perspective of different dimensions, the depth of use and the degree of digitization can effectively reduce financing constraints; digital inclusive finance can alleviate the financing constraints of enterprises by improving the availability of short-term financing for smes and reducing financing costs; from the perspective of heterogeneity, digital financial inclusion has significant bias in property rights, technical attributes and regulatory timing.