数字普惠金融对企业融资约束的影响研究——以中小板上市公司为例

Impact of Digital Inclusive Finance on Corporate Financing Constraints:A Case Study of Small and Medium-sized Board Listed Companies

数字普惠金融作为金融发展的新业态,依托其数字化等优势,有助于解决中小企业长期存在的融资约束问题。以2011—2021年中小板上市公司为例,采用固定效应模型实证检验数字普惠金融对中小企业融资约束的影响及机制。研究发现:数字普惠金融对中小企业的融资约束呈现显著的负效应,覆盖广度指数和使用深度指数均发挥了显著作用,且在长期内存在影响;其作用路径主要包括降低融资成本、降低杠杆水平和延长债务期限。这一效应在成长期企业和治理水平更高的企业中更加显著;从政策环境看,在监管政策不确定性较低和监管力度更低的样本中更为显著。

As a new format of financial development,digital inclusive finance relies on its advantages of digitalization and helps to solve the long-standing financing constraints of small and medium-sized enterprises(SMEs).With the small and medium-sized board listed companies from 2011 to 2021 as an example,this study empirically tests the impact and mechanism of digital inclusive finance on SMEs’financing constraints by adopting the fixed effect model.It is found that digital inclusive finance has a significant negative effect on SMEs’financing constraints,and both the coverage index and the use depth index have played a significant role with an impact in the long term,whose main action paths include reducing financing cost,reducing leverage level and extending debt maturity;this effect is more significant in growing enterprises and enterprises with higher levels of governance;and that from the perspective of policy environment,it is more significant in samples with lower regulation policy uncertainty and lower regulation intensity.