金融科技发展能够帮助小微企业度过危机吗?——基于新冠肺炎疫情的准自然实验  

Can the Development of Fintech Help SMEs through the Crisis?A Quasi-natural Experiment Based on COVID-19

作　　者：董晓林 张晔 徐虹[2] Dong Xiaolin;Zhang Ye;Xu Hong(College of Finance,Nanjing Agricultural University;Nanjing Branch,The People's Bank of China)

机构地区：[1]南京农业大学金融学院,江苏南京210095 [2]中国人民银行南京分行,江苏南京210004

出　　处：《经济科学》2021年第6期73-87,共15页Economic Science

基　　金：国家自然科学基金面上项目“金融科技背景下农村金融机构数字化发展机制与普惠效应研究”(项目编号:72073067);国家自然科学基金面上项目“中国农村数字金融的发展机制和效应:基于实验经济的研究”(项目编号:71973064)的阶段性成果。

摘　　要：如何为小微企业纾困是我国经济转型时期的重要问题,快速革新的金融科技成为支持实体企业发展的新渠道。本文基于332家小微企业2016—2020年的调研数据,利用百度搜索指数评估地区金融科技发展水平,构建双重差分及三重差分模型检验新冠肺炎疫情期间金融科技发展对企业遭遇负面冲击的缓解效应。研究发现:金融科技能够显著缓解新冠肺炎疫情对小微企业造成的负面影响,但对县域及农村地区企业的缓解作用有限;机制分析表明金融科技通过缓解融资约束帮助企业度过危机。基于微观企业的经验证据有助于评估疫情对实体经济的影响,对如何借助金融科技提高小微企业经营稳定性具有借鉴意义。Offering help to small and mid-size enterprises(SMEs)is an important issue in China's economic transformation period.A new channel to support the development of real economy is the rapid innovation of Fintech.Based on the survey data of 332 SMEs from 2016 to 2020,this paper uses Baidu Search Index to evaluate the regional development of Fintech,and constructs difference-in-differences(DID)and difference-in-difference-in-differences(DDD)model to test the impact of Fintech on the business performance of SMEs during the pandemic.The results show that Fintech can significantly alleviate the negative impact of the pandemic on SMEs,but the mitigation effect is limited on SMEs in counties and rural areas.Mechanism analysis shows that Fintech can help enterprises through the crisis by easing the financing constraints.The empirical evidence can help evaluate the impact of the pandemic on China's real economy,and offers implications for improving the operation stability and risk resistance ability of SMEs through Fintech.

关 键 词：新型冠状病毒肺炎疫情 金融科技 小微企业 三重差分模型 

分 类 号：F832.1[经济管理—金融学]