数字普惠金融缓解农业上市公司融资约束分析

Analysis of Digital Inclusive Finance Alleviating Financing Constraints of Agricultural Listed Companies

当前中国数字普惠金融快速发展,逐步取代传统融资方式,并成为一种更加多样化以及更具包容性和可靠性的融资方式。基于2011—2021年农业上市公司数据和数字普惠金融指数构建面板模型,并进行稳健性检验与异质性检验,探讨数字普惠金融对农业上市公司融资约束的影响机制。研究发现:数字普惠金融的发展有助于缓解农业上市公司面临的融资约束,数字普惠金融与农业上市公司融资约束存在明显的负相关性;农业上市公司信贷可得性作为传导机制发挥了重要作用;经过内生性检验发现,数字普惠金融对农业上市公司融资约束具有改善作用的结果较为稳健。另外,数字金融对农业上市公司的融资约束存在异质性,即规模越大的上市公司受到数字金融发展的影响越显著。最后,提出了推动数字普惠金融缓解农业上市公司融资约束的对策建议。

At present,the rapid development of digital inclusive finance has gradually replaced the traditional financing method and become a more diverse,inclusive and reliable financing way.A panel model was constructed based on the data of agricultural listed companies and digital financial inclusion index from 2011 to 2021,and robustness and heterogeneity tests were conducted to explore the impact mechanism of digital financial inclusion on financing constraints of agricultural listed companies.The results showed that the development of digital inclusive finance can help to alleviate the financing constraints of agricultural listed companies,and there is a significant negative correlation between digital financial inclusion and financing constraints of agricultural listed companies.Credit availability of agricultural listed companies plays an important role as a transmission mechanism.After the endogeneity test,it was found that digital inclusive finance has a robust effect on improving the financing constraints of agricultural listed companies.In addition,the financing constraints of digital finance on agricultural listed companies are heterogeneous,that is,the larger the listed companies are,the more significant the impact of the development of digital finance is.Finally,countermeasures and suggestions on improving digital inclusive finance alleviating financing constraints of agricultural listed companies were put forward.