数字金融对中小企业经营效率的影响--基于深圳创业板数据的实证研究  

The Impact of Digital Finance on the Operation Efficiency of SMEs--An Empirical Study Based on Shenzhen GEM Data

作　　者：课题组 张正平[2] 王龙 Research Group(School of Economics,Center for Digital Finance Research,Beijing Technology and Business University,Beijing 100048,China)

机构地区：[1]北京工商大学经济学院、数字金融研究中心,北京市100048 [2]北京工商大学经济学院金融系、数字金融研究中心 [3]北京工商大学经济学院

出　　处：《中国流通经济》2021年第8期30-39,共10页China Business and Market

基　　金：国家自然科学基金项目“乡村振兴战略背景下我国农村数字普惠金融的形成机制及其风险治理研究”(71873011)。

摘　　要：近年来,数字金融的快速发展为中小企业融资提供了新的渠道,已经成为中小企业数字化转型和提升经营效率的重要推动力量。基于北京大学数字普惠金融指数(DIFI)和深圳创业板上市企业数据,采用固定效应模型和中介效应模型分别检验了数字金融对中小企业经营效率的影响及其作用机制,并进行了必要的内生性分析和稳健性检验。研究发现,数字金融显著提升了中小企业的经营效率,且这种提升作用存在明显的异质性——对小规模企业和制造业企业的促进作用更强;从机制上看,数字金融通过驱动中小企业创新从而提升其经营效率。应继续鼓励数字金融发展,着力消除中小企业创新活动中面临的融资约束;充分利用数字金融服务不同类型中小企业的“特点”,针对不同规模、不同行业的中小企业提供差异化的数字金融服务;积极推进中小企业创新变革,充分吸收数字金融提升经营效率的正能量,提升企业经营效率,增强企业竞争力。In recent years,the rapid development of digital finance provides small and medium-sized enterprises(SMEs)with a new channel for financing,which may become an important driving force for the digital transformation and improvement of operation efficiency of SMEs in China.To this end,based on the data of listed enterprises of Shenzhen GEM and Digital Finance Index of Peking University,the authors use fixed effect model and mediation effect model to test the impact of digital finance on the operation efficiency of SMEs and its mechanism,and carry out necessary endogenous analysis and robustness test.It is found that:the digital finance raises the operation efficiency of SMEs,and there is obvious heterogeneity because of the stronger promoting effect on small-scale SMEs and manufacturing SMEs;and in terms of the mechanism,digital finance promotes SMEs’operation efficiency by driving its innovation.These conclusions indicate that:first,the development of digital finance should be continuedly encouraged,and efforts should be made to eliminate financing constraints faced by SMEs during its innovation activities;second,it is necessary to make full use of the“features”of different types of SMEs and provide different digital financial services according to different sizes and industries of SMEs;and third,SMEs should actively promote its innovation and fully absorb the positive effect of digital finance on improving operation efficiency to improve its operation efficiency and enhance their competitiveness.

关 键 词：数字金融 中小企业创新 经营效率 创业板 

分 类 号：F832.51[经济管理—金融学]