数字化转型能否助力中小企业发展——基于商业信用融资的研究

Does Digital Transformation Promote the Development of Small and Medium-sized Enterprises?The Research Based on Trade Credit Finance

在数字经济新时代,数字技术的应用和数字化平台的建设增强了信息在不同主体间的传递效率,同时也拓宽了信息传递渠道,这是否对源于供应链关系的商业信用融资产生重要影响?本文以2010年至2020年我国沪深A股中小板、创业板上市公司为研究样本,实证检验了数字化转型对中小企业商业信用融资能力的影响。研究结果表明,数字化转型对中小企业商业信用融资有着显著的正向促进作用。机制检验中,本文发现数字化转型能够增强企业内部控制和外部关注,缓解内外信息不对称程度,从而提高企业商业信用融资能力。从企业特征、行业特征、宏观层面三个维度进行异质性分析发现,非国有企业与非高科技企业中,竞争性行业与服务业中,金融发展水平较高和经济政策不确定性较高时,中小企业进行数字化转型更能促进其商业信用融资能力的提升。本文从微观主体视角拓展了对融资渠道的认识,对揭示数字化在实体经济中的作用机制至关重要,同时为我国中小企业融资环境的改善提供了企业微观层面的实证支持。

Digital technologies have greatly improved the data analyzing and processing ability of enterprises,and also broadened the channels of information transmission.Would these digital technologies exert a significant impact on trade credit finance derived from the supply chain?This paper empirically tests the impact of enterprise digital transformation on trade credit finance by taking the data of listed companies on SEM and GEM board from 2010 to 2020.The results show that digital transformation can significantly improve enterprises'trade credit finance ability.Further analyses reveal that digital transformation can enhance enterprises'internal control and external attention,alleviate the degree of internal and external information asymmetry,and improve enterprises'trade credit finance ability.From the three dimensions of enterprise characteristics,industry characteristics and macro levels,the heterogeneity analyses find that digital transformation has a more significant effect on the trade credit finance in non-state-owned and high-tech enterprises,in competitive and service industries,and under high level of financial development and high uncertainty of financial policy.This study expands the understanding of financing channels,which is of great significance to reveal the mechanism of digitalization on the real economy.Meanwhile,it also provides empirical support for the improvement of financing environment of small and medium-sized enterprises.