数字普惠金融、政府补助与融资约束:来自中小板高新技术企业的经验证据

Digital Inclusive Finance,Government Subsidies and Financing Constraints:Empirical Evidence from Small and Medium-sized High-tech Enterprises

以2011—2021年中小板高新技术企业为研究对象,对数字普惠金融、政府补助与企业融资约束之间的关系进行的实证分析发现:首先,数字普惠金融显著缓解了中小板高新技术企业的融资约束,且这一效应随政府补助的增加而加强;其次,分维度来看,数字普惠金融覆盖广度对融资约束的影响显著为负,且政府补助能够发挥积极的调节作用;再次,异质性分析表明,对于使用非“四大审计”、成立年限较长、所在地区经济发展水平较低、所在地区银行竞争程度较低的企业,数字普惠金融对其融资约束的缓解作用更显著,政府补助的调节效应也更强。

An empirical analysis was conducted on the relationship between digital inclusive finance,government subsidies,and financing constraints among small and medium-sized high-tech enterprises listed on the SME board from 201l to 2021.The study found that digital inclusive finance significantly alleviates the financing constraints of high-tech enterprises on the small and medium-sized board,and this effect strengthens with the increase of government subsidies.Froma multidimensional perspective,the breadth of coverage of digital inclusive finance had a significant negative impact on financing constraints,and government subsidies could play a positive regulatory role.Heterogeneity analysis showed that for enterprises not audited by the Big Four,earlier established,and those in regions with lower levels of economic development and bank competition,digital inclusive finance had a more pronounced effect in alleviating financing constraints,and the regulatory effect of government subsidies was also stronger.