金融科技对中小企业价值的影响研究——基于信用融资的视角

The Impact of Financial Technology on the Value of Small and Medium-Sized Enterprises—From the Perspective of Credit Financing

摘要: 中小企业是我国实体经济的重要力量和组成部分，但发展中普遍面临着资金链条紧张、融资难融资贵、创新动能不足等问题。金融科技的出现为中小企业的快速发展和价值增长提供了基础，借助科学技术与传统金融体系相融合，拓宽中小企业的融资渠道，为中小企业价值提升提供助力。本文用天眼查数据整理出地级市所拥有的金融科技企业数量作为金融科技的代理变量，将该数据与2013~2021年中小板企业价值数据相匹配，并搭建双重固定效应和中介效应模型，实证检验了金融科技对中小企业价值的影响效果以及信用融资在其中起到的中介作用。结果表明：金融科技能够显著促进中小企业价值提升，信用融资在其中起到了中介作用。异质性研究结论表明，金融科技对创新型中小企业以及中西部中小企业的价值提升更明显。

Abstract: Small and medium-sized enterprises are an important force and component of China’s real economy, but they generally face problems such as tight funding chains, difficult and expensive financing, and insufficient innovation momentum in their development. The emergence of financial technology provides a foundation for the rapid development and value growth of small and medium-sized enterprises. By integrating science and technology with traditional financial systems, it expands financing channels for small and medium-sized enterprises and provides assistance for their value enhancement. This article uses Tianyancha data to organize the number of FinTech enterprises owned by prefecture level cities as a proxy variable for FinTech. The data is matched with the value data of small and medium-sized board enterprises from 2013 to 2021, and a dual fixed effect and intermediary effect model is constructed to empirically test the impact of FinTech on the value of small and medium-sized enterprises, as well as the intermediary role played by credit financing and enterprise innovation. The results indicate that financial technology can significantly promote the value enhancement of small and medium-sized enterprises, and credit financing plays a mediating role in it. The conclusion of heterogeneity research indicates that FinTech has a more significant value enhancement for innovative small and medium-sized enterprises, as well as small and medium-sized enterprises in the central and western regions.