数字普惠金融缓解中小企业融资约束的效应——基于中国上市公司的实证研究

The Effect of Digital Inclusive Finance on Easing the Financing Constraints of Small and Medium-Sized Enterprises--Empirical Research Based on Chinese Listed Companies

中小企业是推动我国经济发展的主力军,但融资约束问题是阻碍其自身发展的顽疾,也是制约中国经济转型升级的重要瓶颈之一,数字普惠金融作为普惠金融发展的新模式,运用大数据、云计算等数字技术为缓解中小企业融资约束问题提供了新思路。本文以SA指数反映企业融资约束,利用2011-2018年A股上市公司的财务数据和北京大学数字普惠金融指数,构建实证模型分析数字普惠金融对中小企业融资约束的影响。同时,本文从企业异质性和地区经济发展差异性两个角度作出进一步分析,将面板数据分组,添加交互项进行回归分析,实证结果表明:数字普惠金融发展能够显著缓解中小企业的融资约束;相比民营中小企业,数字普惠金融发展更能缓解国有中小企业融资约束,但这种差异性随着数字普惠金融的完善在逐步收敛;在经济发展水平较高的地区,数字普惠金融发展更能缓解中小企业的融资约束。根据分析结果,本文提出以下对策:推动数字普惠金融进一步发展,提升数字化程度,减轻信息不对称程度,消除“所有制歧视”;平衡区域发展,在财政上向经济落后地区倾斜,提高金融基础设施建设;构建数字普惠金融监管框架,平衡数字普惠金融的创新和风险,引导数字普惠金融健康且可持续地为实体经济服务。

This paper uses the SA index to reflect corporate financing constraints.Using 2011-2018 listed company financial data and Peking University digital inclusive financial index,an empirical model is constructed to analyze the impact of digital inclusive financial development on SME(Small and Medium-Sized Enterprises)financing constraints.The research results show that:the development of digital inclusive finance can significantly ease the financing constraints of SMEs;the development of digital inclusive finance can ease the financing constraints of state-owned SMEs more than private SMEs,but with The continuous improvement of digital inclusive finance,this difference is gradually converging;In regions with high levels of economic development,the development of digital inclusive finance is more effective in easing the financing constraints of SMEs.