互联网金融发展与中小企业融资约束——基于现金-现金流敏感性模型的检验  

Research on the Development of Internet Finance and Financing Constraints of Small and Medium-sized Enterprises—Test Based on Cash-cash Flow Sensitivity Model

作　　者：陈迁迁 CHEN Qian-qian

机构地区：[1]新疆财经大学金融学院,新疆乌鲁木齐830012

出　　处：《北京财贸职业学院学报》2020年第3期23-28,共6页Journal of Beijing College of Finance and Commerce

基　　金：新疆财经大学研究生校级课题(课题编号:XJUFE2019K005)的成果。

摘　　要：本文运用现金-现金流敏感性模型对2012-2018年在我国中小板上市的890家企业的面板数据进行了研究,结果表明:中小企业存在融资约束难题,但是通过互联网金融的运用,能够显著缓解中小企业的融资约束问题;提高中小企业的营业收入和资产负债率,现金量持有会显著增加。为了有效促进互联网金融行业的规范运行和有效缓解中小企业融资约束,本文提出三条建议:融资平台加强资金安全并规范业务;政府健全法律与监管体系;中小企业加快自我完善进程。This paper uses the cash-cash flow sensitivity model to study the panel data of 890 companies listed on china’s small and medium-sized board in 2012-2018.The results show that there are financing constraints in small and medium-sized enterprises,but the use of internet finance can significantly alleviate the financing constraints of small and medium-sized enterprises.In order to effectively promote the standard operation of the internet financial industry and effectively alleviate the financing constraints of small and medium-sized enterprises,three suggestions are put forward:financing platform to strengthen the security of funds and standardize business;government to improve the legal and regulatory system;small and medium-sized enterprises to speed up the process of self-improvement.

关 键 词：互联网金融 融资约束 现金-现金流模型 GMM 

分 类 号：F832[经济管理—金融学] F276.3