网络融资对中小企业融资约束影响的实证研究——基于2645家中小企业的调查问卷

Empirical Study on the Effect of Network Financing on Financing Constraints of SMEs——Based on a Questionnaire about 2645 SMEs

在我国以商业银行为主导的金融体系和注重政治关系的制度背景下,网络融资真正起到了缓解中小企业融资约束的作用吗?基于制度和关系视角,引入金融环境和政企关系变量,以2645家中小企业为样本,检验网络融资对融资约束的影响以及金融环境的调节效应,并进一步检验政企关系三维交互效应。结果表明:网络融资对缓解中小企业融资具有积极作用,但存在一定的适用条件,即随着金融环境的逐渐完善,网络融资对中小企业融资约束的缓解作用减弱。同时,随着政企关系的改善,网络融资在缓解中小企业融资约束中的作用进一步被抑制。

Under the background of the commercial bank oriented financial system and the political relation system in our country, does network financing really play the role of alleviating the financing constraint of SMEs？ Based on the system and the relationship between the perspective, the introduction of financial environment and the relationship between government and enterprises to 2645 small and medium-sized enterprises as a sample to test the impact of network financing on financing constraints and the regulatory effect of the financial environment, and examine the three-dimensional interaction between government and enterprise relations further. The results show that the network financing has a positive role in alleviating the financing of small and medium-sized enterprises, but there are some conditions, with the gradual improvement of the financial environment, network financing for small and medium-sized enterprises financing constraints ease weakened. At the same time, with the improvement of the relationship between government and enterprises, the role of network financing in alleviating the financing constraints of SMEs has been further suppressed.