金融科技、企业融资与信贷资源配置效率

Fintech,Corporate Finance and Efficiency of Credit Resource Allocation

中国利率扭曲、信贷市场不完善,导致信贷资源配置效率较低。其突出的表现为民营企业和中小企业面临信贷配给问题,而国有企业和大企业由于其国有背景和规模优势,获取信贷较为容易。近几年金融科技迅速发展,一方面科技公司涉入金融领域开始从事金融业务,另一方面,银行开始应用金融科技以提高贷款技术。金融科技催生的新兴金融产品和服务模式有助于增加对民营企业和中小企业的信贷供给,减少了信贷市场存在的“所有制歧视”和“规模歧视”,有可能提高了信贷资源配置效率。基于2011—2020年省级层面数据,探讨金融科技发展对信贷资源配置效率的影响及其理论机理。研究结果表明,金融科技发展能够显著提升信贷资源配置效率。机制分析表明,金融科技发展提高了金融机构搜集信息和处理信息的能力,有效降低银企信息不对称,缓解民营企业和中小企业融资困难,进而提高信贷资源配置效率。异质性分析表明,金融科技发展提高信贷资源配置效率的作用仅在政府调控程度高的地区、金融抑制程度低的地区和中西部地区显著。本研究从理论上丰富了信贷资源配置效率影响因素的研究,拓展了金融科技经济后果的研究,为推进金融科技发展以提高信贷资源配置效率提供了理论基础、经验证据和政策参考。

The existence of distorted interest rates and imperfect credit markets in China has led to an inefficient allocation of credit resources.It is highlighted by the fact that private enterprises and SMEs face credit rationing,while state-owned enterprises and large enterprises have easier access to credit,due to their state-owned background and scale advantages.Fintech has developed rapidly in recent years.On the one hand,technology companies have ventured into the financial sector and started to engage in financial business,on the other hand,banks have started to apply Fintech to improve their lending techniques.The new financial products and service models generated by Fintech help increasing the supply of credit to private enterprises and SMEs,reducing the“ownership discrimination”and“size discrimination”in the credit market,and potentially improve the efficiency of credit resource allocation.However,few literatures has explored the impact of Fintech on credit resource allocation efficiency.Regarding the impact of Fintech on bank credit supply,existing studies have only explored the impact of Fintech on the credit supply scale and structure,and have not focused on the study of the impact of Fintech on resource allocation efficiency.Therefore,the gap is filled by exploring the impact of Fintech on credit resource allocation efficiency and its theoretical mechanism based on provincial-level data from 2011 to 2020.The results of the study indicate that Fintech development can significantly improve credit resource allocation efficiency.Mechanism analysis shows that Fintech development improves the ability of financial institutions to collect and process information,effectively reduces the information asymmetry between banks and enterprises,alleviates the financing difficulties of private enterprises and SMEs,and thus improves the credit resource allocation efficiency.Heterogeneity analysis shows that the effect of Fintech development in improving credit resource allocation efficiency is significant only in regions with high government regulation,low financial disincentives,and central and western regions.However,in regions with low government regulation,regions with high financial disincentives,and eastern regions,Fintech development has no significant effect on credit resource allocation efficiency.The policy implications based on the findings are as follows.First,introduce policies to promote the development of Fintech.The government should vigorously promote the banking industry’s application of Fintech and the development of technology companies.Second,build an enterprise information sharing platform to reduce information asymmetry between banks and enterprises.The government can build an information sharing platform related to enterprise business information and promote the digital transformation of enterprises to form reliable data.Third,regions with a high degree of government regulation,regions with a low degree of financial inhibition,and central and western regions should pay more attention to Fintech development.Such regions,the government should introduce corresponding incentive policies for the banking industry to accelerate the banking industry’s application of Fintech.The research theoretically enriches the study of factors influencing credit resource allocation efficiency,expands the study of the economic consequences of Fintech,and provides a theoretical basis,empirical evidence,and policy reference for promoting Fintech development to improve credit resource allocation efficiency.