数字普惠金融对中小微企业融资约束的影响研究

Research on the Impact of Digital Inclusive Finance on the Financing Constraints of Micro,Small and Medium-sized Enterprises

研究选取2011年至2022年间在中国创业板市场上市的中小微企业作为样本,运用现金-现金流敏感性模型深入剖析数字普惠金融对我国中小微企业融资环境的作用机制。结果显示:(1)数字普惠金融的迅速发展显著减轻了企业的融资约束,无论是在服务的覆盖范围、应用深度,还是在数字化服务的支撑水平上,都起到了显著的缓解作用;(2)相较于国有中小微企业,非国有中小微企业在获得融资支持方面,数字普惠金融表现出更为显著的积极效应。研究成果对于推动数字普惠金融的普及和应用,进而优化整个中小微企业的融资环境,具有重要的指导意义和学术价值。

This study selects micro,small and medium-sized enterprises listed on China’s Growth Enterprise Market from 2011 to 2022 as samples,and uses cash-cash flow sensitivity model to deeply analyze the effect mechanism of digital inclusive finance on the financing environment of micro,small and medium-sized enterprises in China.The results show that:(1)The rapid development of digital inclusive finance has significantly alleviated the financing constraints of enterprises in terms of service coverage,application,and the support for digital services,all of which have been significantly mitigated.(2)Compared with state-owned micro,small and medium-sized enterprises,digital inclusive finance shows a more significant positive effect on non-state-owned micro,small and medium-sized enterprises in terms of obtaining financing support.The research findings are of important guiding significance and academic value for promoting the popularization and application of digital inclusive finance,thereby optimizing the financing environment for micro,small and medium-sized enterprises as a whole.