数字红利还是数字鸿沟?--论数字经济与中小企业融资约束

Digital Dividend or Digital Divide?--On Digital Economy and Financing Constraints of Small and Medium-sized Enterprises

在需求萎缩、供给冲击与预期衰退三重压力下,传统经济发展动能减弱,数字化转型已经势在必行。通过构建“数字经济发展—中小企业融资约束”研究框架,揭示了数字经济影响中小企业融资约束内在机理,基于中小板上市企业2012—2020年财务数据,通过匹配企业所在城市的数字发展指数,实证检验了二者之间的关系。研究结果表明,数字经济发展对中小企业融资约束呈现显著的“倒U”型特征,经历从“数字鸿沟”到“数字红利”的演变过程;经济政策不确定性弱化了数字经济缓解中小企业融资约束的红利;数字经济对中小企业融资约束的影响存在显著地域和行业异质性差异。机制分析结果表明,数字经济通过底层核心数字技术的传导能够缓解中小企业融资约束。

Under the triple pressure of shrinking demand,supply impact and weakening expectation,the momentum of traditional economic development is weakened,and digital transformation has become the general trend.This paper construed a research framework“Development of the digital economy and financing restrictions for small and medium-sized enterprises”,which can highlight the internal mechanism of the digital economy that influences financing restrictions for small and medium-sized enterprises.Based on the financial data of small and medium-sized board listed enterprises from 2012 to 2020,this study empirically tested the relationship between digital economy and financial constraints of small and medium-sized enterprises by matching the digital development index of the city where the enterprise is located.The results showed that the impact of the development of digital economy on the financing conditions of small and medium-sized enterprises presented a significant“inverted U”feature,which showed the evolution process has gone from“digital divide”to“digital dividend”.The uncertainty of economic policy weakened the dividend of digital economy to alleviate the financing constraints of small and medium-sized enterprises;There were significant regional and industrial heterogeneity differences in the impact of digital economy on the financing constraints of small and medium-sized enterprises.The mechanism analysis results showed that the digital economy alleviated the financing constraints of small and medium-sized enterprises through the transmission of bottom core digital technology.