信息通信技术与中小企业融资约束——基于金融制度边界的分析框架

Information and Communication Technology and SME Financing Constraint:A Financial System Boundarybased Analysis Framework

现行的以商业银行为主导的融资体系里,金融制度边界较为狭窄,因而其排斥为中小企业融资服务。本文从理论的角度分析了信息通信技术(ICT)通过扩大金融制度边界从而缓解中小企业融资约束的机理,然后利用2004-2012年度中国522家中小企业上市公司的面板数据,实证研究了ICT扩散、金融制度边界与中小企业融资约束之间的关系。结果表明,中小企业面临着显著的融资约束,ICT扩散可显著的直接缓解其融资约束;ICT扩散通过提升区域金融包容性也可间接缓解中小企业融资约束,且间接缓解效果优于ICT的直接缓解效果;互联网金融模式在缓解中小企业融资约束过程中最为有效。加强信息通信基础设施建设并在此基础上发展电子化金融服务,有效管理以ICT为基础的新兴金融模式,同时深化金融体制改革并不断扩大金融制度边界,可最终实现普惠金融、有效解决中小企业融资难题。

The current commercial bank-dominated financial system doesn＇t provide financial services for SME（ Small and Medimn Enterprises） because their financial system boundary is too narrow. The paper analyzes the mechanism of ICT ease SMEs financial constraints through changing the financial system boundary from the theoretical point. By taking 522 China lis- ted companies in SME board from 2004-2012 panel data as an example, the paper analyzes the relationship among ICT diffu- sion, financial system boundary and financial constraint. The empirical analysis shows that financing constraints exist in the o- verall SME and ICT can significant ease financing constraints directly. ICT diffusion can also ease the financial constraints indi- rectly through enhancing regional financial inclusion. And the latter is better than the former. The internet based finance mode is the most effective way in easing the financial constraints. Therefore, the government should strengthen the information and communications infrastructure and e-financial services, and manage emerging financial mode based on ICT reasonably. At the same time, they should deepen the financing system reform and enlarge the financial system boundary in order to achieve inclu- sive finance and solute the SME financial problems effectively.