数字普惠金融缓解中小企业融资约束了吗?--基于金融市场化进程的实证检验

Does the Digital Inclusive Finance Ease the Financing Constraints of SMEs?--An Empirical Test Based on the Process of Financial Marketization

基于中国金融市场化进程,以深沪A股上市公司样本数据,利用现金——现金流敏感性模型探究数字普惠金融对中小企业融资约束的影响。研究发现,数字普惠金融能够显著的缓解中小企业融资约束;但对不同类型企业的影响存在异质性,相较于大型企业和国有企业,数字普惠金融对民营和中小企业融资约束的缓解作用更显著;进一步研究发现,金融市场化发展的不同阶段会影响数字普惠金融作用于中小企业融资约束。政策含义是:在推动数字金融发展以缓解企业融资约束的同时,应当注重金融市场化的影响。

Based on the sample data of Shenzhen-Shanghai A-share listed companies,this paper uses the cash-cash flow sensitivity model to examine the impact of digital inclusive finance on SME financing constraints,and further examines the digital inclusive finance based on financial marketization process.The study finds that SMEs have obvious financing constraints,and Digital Inclusive Finance can significantly alleviate the financing constraints of SMEs;due to the nature and size of corporate Equity,Digital Inclusive Finance mitigates the degree of financing constraints;Large-scale enterprises and state-owned enterprises,Digital Inclusive Finance has a more significant mitigation effect on private and SME financing constraints;in addition,based on the different stages of financial marketization development,Digital Inclusive Finance has different levels of financing constraints.The policy implication of this paper is that based on the process of financial marketization,based on the development of digital inclusive finance,it provides effective policy recommendations for SMEs to alleviate financing constraints.