数字金融能缓解中小企业融资约束吗?——来自中小板上市企业的经验证据

Can Digital Finance Ease SME Financing Constraints?: Based on the Empiri⁃cal Evidence of Enterprises Listed on the Small and Medium Board

作为数字技术与金融创新深度融合的产物,数字金融为缓解中小企业融资约束提供了可能。基于2012—2020年中小板上市企业的数据,实证检验了数字金融对中小企业融资约束的影响效应及机制效应。研究结果显示:数字金融对于缓解中小企业融资约束具有长期驱动作用;结构效应表明数字金融覆盖广度、使用深度是主要驱动力;异质性分析表明数字金融在大规模企业、高信息披露质量企业、制造业以及经济欠发达地区的驱动作用更强;机制分析显示数字金融能够通过提高金融资源配置效率、降低中小企业融资成本两大渠道缓解中小企业融资约束。

As the product of the deep integration of digital technology and financial innovation,digital finance provides the possibility to ease the financing constraints of SMEs.Based on the data of listed SMEs from 2012 to 2020,the influence and mechanism effect of digital finance on financing constraints of SMEs were tested empirically.The results show that:digital finance plays a long-term driving role in alleviating the financing constraints of SMEs;the structural effect shows that coverage breadth and usage depth are the main driving forces;heterogeneity analysis shows that digital finance plays a stronger driving role in large-scale enter⁃prises,enterprises with high information disclosure quality,manufacturing industry and economically underde⁃veloped regions;mechanism analysis shows that digital finance can alleviate the financing constraints of SMEs through improving the efficiency of allocation financial resource and reducing the financing cost of SMEs.