金融科技、银行竞争与中小企业融资约束——基于长三角城市群的实证分析

Financial Technology,Bank Competition and SME Financing Constraints——An Empirical Analysis Based on the Yangtze River Delta Urban Agglomeration

基于2011—2020年长三角城市群原中小板上市公司的面板数据,实证研究金融科技对中小企业融资约束的影响及作用机制。研究发现,金融科技显著缓解了中小企业的融资约束,采用“中介效应”因果分析模型探究其作用机制,识别出以银行竞争为中介渠道的作用机制。金融科技不仅可以通过赋能投融资平台、降低银行与企业间信息不对称等方式来缓解中小企业融资约束,还能够通过促进银行竞争影响中小企业融资约束。因此支持金融科技健康发展,对缓解中小企业融资约束意义深远。

Based on the panel data of the original small and medium-sized listed companies in the Yangtze River Delta urban agglomeration from 2011 to 2020,this paper empirically studies the influence and mechanism of financial technology on financing constraints of SMEs.It is found that financial technology has significantly eased the financing constraints of SMEs.Further,the causal analysis model of“intermediary effect”is used to explore its mechanism,and the mechanism of bank competition as the intermediary channel is identified.It is found that financial technology can not only alleviate the financing constraints of SMEs by empowering the investment and financing platform and reducing the information asymmetry between banks and enterprises,but also affect the financing constraints of SMEs by promoting bank competition.Therefore,supporting the healthy development of financial technology is of far-reaching significance for easing the financing constraints of SMEs.