数字普惠金融“赋能”如何打破中小企业融资“壁垒”?  

Empowering SMEs:How Can Digital Inclusive Finance Break the Financing Barriers?

作　　者：卜亚[1] 金宁鲜 Bu Ya;Jin Ning-xian(JiangSu University of Science and Technology,JiangSu Zhenjiang 212003)

机构地区：[1]江苏科技大学经济管理学院,江苏镇江212003

出　　处：《天津商务职业学院学报》2024年第5期33-43,共11页Journal of Tianjin College of Commerce

基　　金：国家社会科学基金一般项目“金融科技创新与监管的激励相容机制及政策设计”(项目编号:21BJY148)的阶段性研究成果。

摘　　要：融资难、融资贵问题始终是限制中小企业可持续发展的关键瓶颈,数字普惠金融的兴起为解决中小企业融资难题提供了新的机遇。本文旨在构建中小企业与银行之间的信贷配给模型,并创新性地构建了融资约束综合指标,采用固定效应模型探讨数字普惠金融对中小企业融资约束的影响及其机制。研究表明:数字普惠金融发展显著缓解了中小企业的融资约束,且该纾困效果在一定时期内具有持续性;机制分析揭示,数字普惠金融的缓解效应主要通过信息效应和成本效应发挥作用;异质性分析表明,数字普惠金融的缓解效应,对非国有企业、高科技行业和金融监管强度较低时更为明显;经济后果检验表明,数字普惠金融的缓解效应能够转化为企业业绩的提升。为此,政府应完善金融科技基础设施,实施动态监管;金融机构应利用大数据和云计算优化贷款审批流程,提升风控能力,减少银企之间的信息不对称;中小企业应加强与金融机构的合作和自身信用建设,特别是非国有企业和高科技行业应积极探索与金融机构的合作新模式,充分利用数字金融服务来推动自身发展。The difficulty and high cost of financing have long hindered the sustain-able development of small and medium-sized enterprises(SMEs).However,the rise of digital inclusive finance offers innovative solutions to these challenges.This study con-structs a credit allocation model distinguishing between high-quality and low-quality enterprises and develops a comprehensive indicator for financing constraints.Utilizing a fixed effects model,this paper examines the impact of digital inclusive finance on SMEs'financing constraints and explore the underlying mechanisms.The findings indicate that:Digital inclusive finance significantly alleviates financing constraints for SMEs,with effects sustained over time.Mechanism analysis shows that digital inclusive finance oper-ates primarily through information and cost effects to mitigate financing challenges for SMEs.Heterogeneity analysis indicates that the alleviation effect is more pronounced for non-state-owned enterprises,high-tech industries,and in environments with lower fi-nancial regulatory intensity.Economic consequence tests reveal that it enhances enter-prise performance by easing these constraints.to this end,governments should enhance and refine fintech infrastructure while implementing dynamic supervision mechanisms.Financial institutions should leverage big data and cloud computing to optimize loan approval processes,strengthen risk control capabilities,and mitigate information asymmetry between banks and enterprises.Small and medium-sized enterprises(SMEs)should strengthen collaboration with financial institutions and build their credit profiles.In particular,non-state-owned enterprises and high-tech industries should actively explore new collaboration models with financial institutions and fully utilize digital financial ser-vices to drive their development.

关 键 词：数字普惠金融 融资约束 信贷配给模型 动态效应 经济后果 

分 类 号：F830.5[经济管理—金融学]