数字金融对中小企业杠杆率影响研究

Research on the Impact of Digital Finance on the Leverage Ratio of Small and Medium-sized Enterprises

数字金融的发展对中小企业杠杆效应产生重要影响。本文以2011-2021年深交所原中小企业板和创业板上市公司为样本,实证考察数字金融发展对中小企业杠杆率的影响。结果表明,数字金融发展对中小企业的杠杆率变动有显著抑制作用,也即数字金融的发展显著降低了中小企业杠杆率,这种作用在高科技中小企业中更为显著。进一步研究发现,数字金融的发展可以提高经营性现金流,进而降低高负债中小企业杠杆率。基于此,应推进数字金融发展、引导中小企业使用数字金融、推进数字金融支付业务发展,从而提升中小企业经营性现金流管理水平。

The development of digital finance has a significant impact on the leverage effect of small and medium-sized enterprises(SMEs).This paper empirically examines the impact of digital finance development on leverage ratio of SMEs by taking the original SME board and GEM listed companies of Shenzhen Stock Exchange in 2011-2021 as samples.The results indicate that the development of digital finance has a significant inhibitory effect on the changes in leverage ratios of SMEs,which means that the development of digital finance significantly reduced the leverage ratio of SMEs.The inhibitory effect is more significant in high-tech SMEs.Further research has found that the development of digital finance can increase operational cash flow,thereby reducing the leverage ratio of highly indebted SMEs.Based on this,we should promote the development of digital finance,guide SMEs to use digital finance,and promote the development of digital financial payment business,in order to enhance the operational cash flow management of SMEs.