金融科技发展能否降低融资的地理排斥

Can the Development of Fintech Reduce Geographic Exclusion from Financing

金融科技助力破解中小企业融资痛点的作用日益凸显。在从信息经济学的视角看,金融科技发展能够缓解信息不对称,减少对中小企业融资的地理排斥。利用2011—2020年银行分支机构数据、金融科技发展水平数据及全国中小企业股份转让系统中的企业数据的实证检验表明,地理距离增加了中小企业的金融排斥,金融科技发展降低了中小企业融资的地理排斥,但地理距离始终是影响中小企业融资的重要因素。异质性分析表明,当大银行占比较高和银行竞争程度较高时以及在经济落后和交通不便的地区中,金融科技发展对降低中小企业融资地理排斥的积极作用更为明显。机制分析表明,金融科技发展解决了银企间的信息不对称难题,是金融科技得以降低中小企业融资地理排斥的关键所在。因此,应既加强金融科技研究与应用,又优化银行物理网点布局,为促进金融资源服务中小企业和攻坚普惠金融“最后一公里”赋能。

The role of fintech in addressing the pain points of SME financing is becoming more prominent.From the perspective of information economics,thefintech development can relieve information asymmetry and reduce the geographic exclusion from SME financing.This paper conducts an empirical test by making use of the data of bank branches,the fintech development level data,and the data of enterprises in the National Equities Exchange and Quotations of SMEs from 2011 to 2020.The results indicate that geographical distance increases the financial exclusion of SMEs,while fintech development decreases the geographical exclusion of SME financing.However,geographical distance remains a significant factor influencing SME financing.The result of the heterogeneity analysis reveals that when there is a higher proportion of large banks and a higher degree of bank competition,as well as in economically backward and transportation inconvenient areas,the positive effect of fintech development on the geographical exclusion of SME financing is more pronounced.The result of the mechanism analysis reveals that the development of fintechcan solve the problem of information asymmetry between banks and enterprises,which is essential for fintech to reduce the geographical exclusion of SME financing.Therefore,we should both strengthen the research and application of fintech and optimize the layout of physical bank branches,so as to promote the financial resources to serve SMEs and to address the“last mile”of financial inclusion.