金融科技如何影响企业融资约束?——动态效应、异质性特征与宏微观机制检验  

How Can FinTeeh Affect Corporate Financing Constraints?一Dynamic Effects,Heterogeneity Characteristics and Macro-Micro Mechanism Test

作　　者：黄锐[1] 赖晓冰 唐松[1] Huang Rui;Lai Xiaobing;Tang Song(Guangdong University of Finance,FinTeeh Engineering Technology Development Center)

机构地区：[1]广东金融学院金融科技工程技术开发中心

出　　处：《国际金融研究》2020年第6期25-33,共9页Studies of International Finance

基　　金：国家自然科学基金面上项目“利率市场化结构效应的分层传导与区域金融异质性风险防范研究”(71874038);教育部青年基金项目“金融科技创新效应、风险与金融监管有效性研究——基于高质量发展导向的视角”(19YJC790041)资助。

摘　　要：如何解决企业融资困境一直是政府与学术界关注的焦点之一。本文利用2011—2017年A股上市企业数据,考察"金融科技—企业融资约束"之间的关系与机制路径。研究发现:金融科技发展能够显著降低企业融资约束,并呈现长期的缓解效果,特别在民营性质、创新性质、东部地区的企业中,以及在互联网金融监管实施后,这种缓解效果表现地更为突出。从机制路径来看,金融科技能够通过优化直接与间接融资体系等宏观路径,以及降低企业融资成本、提升企业透明度等微观路径,最终达成缓解融资约束的功效。本文丰富了融资约束的影响因素研究,对新冠肺炎疫情短期冲击下金融业数字化转型和企业"融资难""融资贵""融资缺乏效率"等长期问题缓解具有重要的理论价值和现实意义。At the stage of high-quality development of China’s economy, the solution of corporate financing constraints is the key content of the"political and academic"three circles. The purpose of this study is to verify whether FinTech can effectively reduce corporate financing constraints.By using the OLS estimation method and intermediary effect model as well as the data of A-share listed companies from2011 to 2017, this paper builds the theory of"financial technology-financing constraints"and empirical analysis framework.The study finds that, the development of FinTech can significantly reduce corporate financing constraints and present a long-term mitigation effect, especially in private, innovative, and eastern enterprises. After the implementation of Internet financial regulation, this mitigation effect is even more pronounced. From the perspective of the mechanism path, FinTech can finally achieve the effect of easing financing constraints by optimizing macro paths such as direct and indirect financing systems, as well as micro-paths such as reducing corporate financing costs and enhancing corporate transparency.In order to effectively alleviate corporate financing constraints, this article gave three suggestions: promote the digital transformation of the financial industry;accelerate the formulation of special support policies for the long-term development of financial technology;and strengthen the ability of regulatory science and technology to identify, warn and deal with various financial risks.

关 键 词：金融科技 融资约束 互联网金融监管 金融业数字化转型 

分 类 号：F276[经济管理—企业管理] F830[经济管理—国民经济]