数字金融对小微企业绩效的影响机制与实证检验--基于中国小微企业调查(CMES)的证据

The Impact Mechanism and Empirical Test of Digital Finance on the Performance of Small and Micro Enterprises--Based on the Evidence of China Small and Micro Enterprises Survey(CMES)

数字金融是数字技术与金融的高度融合形成的产物,数字金融的发展为小微企业提供了发展机会。本文将北京大学数字普惠金融指数和中国小微企业调查(CMES)数据相结合,旨在研究数字金融对小微企业绩效的影响效果与作用机制。研究发现:数字金融能够通过缓解小微企业融资约束、提高信贷可获得性来提升企业绩效;还能通过改善研发投入经费不足,为小微企业提供创新动能;数字金融对小微企业绩效提升的作用在未能实现技术创新、未进入产业园,以及地处城镇的企业中更强。

Digital finance is the product of the high integration of digital technology and finance.The development of digital finance provides development opportunities for small and micro enterprises.In this paper,the Digital Inclusion Finance Index of Peking University is combined with the data of China Small and Micro Enterprises Survey(CMES)to study the effect and mechanism of digital finance on the performance of small and micro enterprises.The results show that digital finance can improve enterprise performance by easing financing constraints of small and micro enterprises and improving the availability of credit.It can also provide momentum for innovation for small and micro businesses by improving underfunding for R&D and innovation.The promotion effect is more significant in the enterprises that fail to realize technological innovation,do not enter industrial parks,and are located in cities and towns.