数字金融与中小企业风险承担——基于新三板企业的经验证据

Digital Finance and SME Risk Taking——Based on the Empirical Evidence of NEEQ Enterprises

随着大智移云等信息技术的突破,我国中小企业所面临的融资环境也不断优化与革新。本文以2011—2018年新三板企业作为研究对象,实证检验了数字金融对中小企业风险承担的影响机理,并探讨了融资约束对数字金融与企业风险承担关系的调节效应。结果表明,现阶段数字金融的发展会提高中小企业的风险承担能力,且数字支持服务程度的影响更为显著;企业本身面临的融资约束越强,越会抑制数字金融对企业风险承担的关系;数字金融对企业风险承担的促进作用在成长与衰退期企业、东部地区企业、非国企中更为显著。研究结论可以为数字金融的发展优化、完善金融监管框架、提高企业风险防控能力提供可靠经验证据和政策启示,促进数字金融和企业的良性发展。

Along with the great wisdom shift cloud and other information technology breakthrough,the small and medium-sized enterprises in China also faces a constantly optimized and innovative financing environment.This paper takes NEEQ enterprises from 2011 to 2018 as the research object,empirically tests the impact mechanism of digital finance on risk taking,and explores the moderating effect of financing constraints on the relationship between digital finance and corporate risk taking.The results show that the development of digital finance will improve the risk bearing capacity of SMEs,and the impact of the degree of digital support services is more significant.The stronger the financing constraint faced by the enterprise itself,it will inhibit the relationship between digital finance and enterprise risk taking,The promotion effect of digital finance on enterprise risk taking is more significant in enterprises in growth and recession,as well as enterprises in eastern region,and non-state-owned enterprises.The research conclusions can provide reliable empirical evidence and policy inspiration for the development and optimization of digital finance,the improvement of financial regulatory framework,and the improvement of enterprise risk prevention and control ability,and promote the sound development of digital finance and enterprises.