数字普惠金融、融资约束与民营经济高质量发展

Digital Inclusive Finance, Financing Constraints and High-quality Development of Private Economy

文章将2011—2018年北京大学数字普惠金融指数与民营上市公司的数据相匹配,并采用双向固定效应模型及系统GMM模型对我国数字普惠金融与民营经济高质量发展的关系进行了实证研究。研究发现,数字普惠金融对我国民营经济的高质量发展具有明显的推动作用;进一步进行中介效应检验发现,数字普惠金融可以有效地减轻民营企业的融资约束,从而促进其高质量发展;异质性分析结果表明,数字普惠金融的二级指标覆盖广度和使用深度对民营经济高质量发展的促进作用更明显,对于东中部地区的企业以及规模较小的企业,数字普惠金融对其高质量发展的促进作用更明显。

This paper matches the data of Peking University Digital Inclusive Finance Index and private listed companies from 2011 to 2018, and uses the two-way fixed effect model and the system GMM model to empirically study the impact of digital inclusive finance on the high-quality development of private economy. The results are as follows: The development of digital inclusive finance has significantly promoted the high-quality development of private economy. Further, the mediating effect test finds that digital inclusive finance can effectively alleviate the financing constraints of private enterprises, so as to promote their high-quality development. The results of heterogeneity analysis show that the coverage breadth and use depth of the secondary indicators of digital inclusive finance have more obvious promoting effects on the high-quality development of private economy. For enterprises in the eastern and central regions and small-scale enterprises, the promotion effect of digital inclusive finance on their high-quality development is more significant.