数字金融、融资约束与地域差异——基于中国创业板上市企业的数据

Digital Finance,Financing Constraints and Regional Disparities--Based on Data from Companies Listed on ChiNext

数字金融作为一种新型的金融服务模式,通过互联网手段与传统金融业相结合,使得企业能够更方便快捷地获取金融服务,降低企业的融资成本。本文利用2015—2021年创业板上市公司数据,实证检验数字金融对企业融资约束的影响。结果表明,数字金融能够缓解企业的融资约束问题,缓解作用主要来自覆盖广度和使用深度。同时,经济更发达地区、资产规模更大的企业融资约束的缓解作用更明显,民营企业的缓解作用相较非民营企业更明显,本研究仅供参考。

As a new fi nancial service model,digital fi nance combines with the traditional fi nancial industry via the Internet,off ering enterprises more convenient and quicker accessibility to fi nancial services and reducing their fi nancing costs.This paper uses data from companies listed on ChiNext from 2015 to 2021 to empirically examine the impact of digital fi nance on corporate fi nancing constraints.The research shows that the digital fi nance can mitigate the fi nancing constraints of enterprises,with the mitigation eff ect mainly from the breadth of coverage and depth of use.Enterprises located in more economically developed regions and with larger assets have a more obvious mitigation eff ect on fi nancing constraints,and the mitigation eff ect for private enterprises is more obvious than that for non-private enterprises.This study is for reference only.