数字普惠金融、融资约束与中小企业可持续发展研究——基于创业板中小企业数据经验分析

Research on Digital Inclusive Finance,Financing Constraints,and Sustainable Development of SMEs:Empirical Analysis Based on the Data of SMEs on the GEM

数字普惠金融是促进中小企业可持续发展的重要外在力量,为探究数字普惠金融对中小企业可持续发展的作用方式,基于创业板中小企业2014—2020年财务数据,利用北大数字普惠金融指数和SA指数,通过固定效应与中介效应模型,实证分析了数字普惠金融对中小企业可持续发展的影响过程及作用机制,并进行替换因变量和自变量的稳健性检验,最后探究数字普惠金融对不同行业、不同地区中小企业的作用差异,进行异质性分析。结果表明:第一,数字普惠金融对中小企业的可持续发展具有显著的促进作用,其中超过50%是通过缓解融资约束的方式间接作用于中小企业;第二,通过异质性分析发现,数字普惠金融的发展对我国西部地区企业、互联网和计算机行业的促进作用更强。研究为数字普惠金融政策制定、实施提供启示。

Digital inclusive finance is an important external force to promote the sustainable development of small and medium-sized enterprises(SMEs).In order to explore the role of digital inclusive finance on the sustainable development of SMEs,based on the 2014—2020 financial data of SMEs in the Growth Enterprise Market(GEM),this paper uses the Peking University digital inclusive finance index and SA index,and adopts the fixed effect and intermediary effect model.It empirically analyzes the influence process and mechanism of digital inclusive finance on the sustainable development of SMEs,and conducts robustness test by replacing dependent and independent variables.Finally,it explores the differences in effect of digital inclusive finance on SMEs among industries and regions,and conducts heterogeneity analysis.The results show that:firstly,digital inclusive finance plays a significant role in promoting the sustainable development of SMEs,more than 50%of which have been indirectly affected through easing financing constraints;secondly,through the heterogeneity analysis,it is found that the development of digital inclusive finance plays a stronger role in promoting enterprises,Internet and computer industry in western China.This paper provides enlightenment for the formulation and implementation of digital financial inclusion policies.