数字普惠金融、融资约束与中小企业财务可持续

Digital Financial Inclusion,Financial Constraints and Financial Sustainability of SMEs

采用北京大学数字金融研究中心编制的数字普惠金融指数与2012—2019年深圳证券交易所中小企业板和创业板上市公司年报数据,基于固定效应模型检验了数字普惠金融对中小企业财务可持续的影响。研究发现:地区数字普惠金融发展能够促进中小企业财务可持续,且企业的融资约束水平在二者之间发挥了中介作用。进一步分析发现:数字普惠金融主要对非国有中小企业、东部地区和数字普惠金融发展较好地区的中小企业的财务可持续产生影响。研究结论为“双循环”发展背景下金融市场如何更好地服务实体经济和中小企业提供了理论支持和经验证据。

Based on the provincial data of 2012-2019 Digital Financial Inclusion Index compiled by the Digital Finance Research Center of Peking University and the annual report data of listed companies on Shenzhen SME Board and Growth Enterprise Board,this paper tests the impact of digital financial inclusion on the financial sustainability of SMEs based on the fixed effect model.The results show that the development of regional digital financial inclusion can promote the financial sustainability of SMEs,and the financing constraint level of enterprises plays an intermediary role.Further analysis shows that:digital financial inclusion mainly affects the financial sustainability of non-state-owned SMEs and SMEs in the region with better development of digital financial inclusion and eastern China.The research conclusion provides theoretical support and empirical evidence for how financial market can better serve the real economy and SMEs under the background of double-cycle development.