数字普惠金融、融资约束与中小上市公司成长性

An Empirical Study on Digital Inclusive Finance,Financing Constraints and the Growth of Small and Medium Listed Companies

利用2012—2018年中小板上市公司数据,采用现金—现金流模型分析数字普惠金融与融资约束之间的关系,进一步考察数字普惠金融与上市公司成长性的相关性以及融资约束程度在其中所发挥的中介效应。实证分析表明:数字普惠金融与融资约束呈现显著的负相关关系,数字普惠金融可以反向调节中小上市公司的融资约束程度;数字普惠金融与中小上市公司成长性之间呈现显著的正相关关系,数字普惠金融的发展对中小上市公司的成长起到促进作用;融资约束在数字普惠金融和中小上市公司成长性之间发挥部分中介作用。

Using the data of listed companies on the small and medium board from 2011 to 2018,the cash-cash flow model is used to analyze the relationship between digital financial inclusion and financing constraints,to further examine the correlation between digital financial inclusion and the growth of listed companies,besides the intermediary effect of the degree of financing constraints.Through empirical analysis and research,the following conclusions can be drawn:the relationship between digital financial inclusion and financing constraints shows a clear negative correlation,that is,digital financial inclusion has a reverse regulating effect on the degree of financing constraints of small and medium listed companies;Digital financial inclusion has a promoting effect on the growth of small and medium listed companies,especially with the development of financial information technology,this promotion effect is more obvious;to a certain extent,financing constraints have become an important support for the growth of digital financial inclusion and small and medium-sized listed companies.Research and analysis have verified the important value of digital financial inclusion.It can not only effectively weaken financing constraints,but also promote small and medium listed companies to enhance their own growth and promote the overall development of the financial market.thereby to create a richer empirical basis for promoting the overall sustainable development of my country’s social economy.