数字支付能否提振小微商户发展信心——基于支付匹配摩擦视角  

Can Digital Payments Boost the Developing Confidence of Small and Micro Merchants——Based on Payment Matching Friction Perspective

作　　者：史小坤[1] 武琨朝 Shi Xiaokun;Wu Kunzhao

机构地区：[1]浙江工商大学金融学院(浙商资产管理学院)

出　　处：《财经科学》2023年第9期62-75,共14页Finance & Economics

基　　金：国家社科基金一般项目“数字金融支持经济高质量发展的机制、路径与对策研究”(21BJY174);2022年国家社科基金重点项目“‘三重压力’下制造业数字化转型的新困境、新路径与政策优化研究”(22AGL003)的资助。

摘　　要：融资约束导致小微商户发展信心不足,严重影响其在稳定就业和促进经济高质量发展中的作用。本文拓展了支付匹配摩擦模型,从支付匹配摩擦和交易成本两方面解析数字支付影响小微商户融资约束的理论机理,并基于北京大学企业大数据研究中心、北京大学中国社会科学调查中心和蚂蚁集团开展的中国小微经营者调查(Osome)中2020年第三季度至2022年第一季度覆盖全国31个省和337个市(区)的97097个小微商户样本数据,对数字支付提振小微商户信心的作用进行实证检验。检验结果显示,数字支付显著提升了小微商户的信心,有效疏解了小微商户的困境。进一步的机制分析显示,提升消费水平、提升现金流水平、缓解融资约束是数字支付提振小微商户信心的重要途径。Financing constraints have led to a lack of confidence in the development of small and micro businesses,seriously affecting their role in stabilizing employment and promoting high-quality economic development.This article expands the payment matching friction model to analyze the theoretical mechanism of the impact of digital payments on the financing constraints of small and micro merchants from the perspectives of payment matching friction and transaction costs.Based on the findings of the Center for Enterprise Research,Institute of Social Science Survey and ANT GROUP conducted Online Survey of Micro-and-small Enterprises(Osome),covering a sample of 97097 small and micro merchants in 31 provinces and 337 cities(districts)across the country from the third quarter of 2020 to the first quarter of 2022,to empirically test the role of digital payments in boosting the confidence of small and micro merchants.The test results show that digital payment significantly enhances the confidence of small and micro merchants and effectively alleviates their difficulties.Further mechanism analysis shows that improving consumption levels,increasing cash flow levels,and alleviating financing constraints are important ways for digital payments to boost the confidence of small and micro merchants.

关 键 词：数字支付 小微商户 消费水平 现金流水平 融资约束 

分 类 号：F832[经济管理—金融学]