金融科技对中小企业融资效率的影响研究  

Research on the Impact of Financial Technology on the Financing Efficiency of Small and Medium-sized Enterprises

作　　者：赵金国[1] 刘文雯 Zhao Jinguo;Liu Wenwen(School of Political Science and Law,Qilu University of Technology(Shandong Academy of Sciences);School of Economics and Management,Qilu University of Technology(Shandong Academy of Sciences),Jinan 250353,China)

机构地区：[1]齐鲁工业大学(山东省科学院)政法学院 [2]齐鲁工业大学(山东省科学院)经济与管理学部,山东济南250353

出　　处：《东方论坛—青岛大学学报(社会科学版)》2025年第2期54-66,共13页Eastern Forum(JOURNAL OF QINGDAO UNIVERSITY)

基　　金：齐鲁工业大学(山东省科学院)人文社科科研平台“公共政策治理研究基地”项目(202302)的阶段性成果。

摘　　要：中小企业联系千家万户,构成了我国经济发展的重要支柱,但融资难题长期以来一直是阻碍其进一步发展的关键因素。金融科技的迅速发展为中小企业融资难题提供了新的解决路径。以2011—2022年A股上市中小企业为研究样本,运用双向固定效应模型、中介效应模型和调节效应模型实证分析金融科技对中小企业融资效率的影响及其作用机制。结果表明:金融科技发展显著提高了企业的融资效率;金融科技通过缓解企业的融资约束来提高融资效率;良好的企业ESG表现强化了金融科技对中小企业融资效率的正向影响;基于内部控制水平的异质性研究发现,金融科技提高融资效率的作用在内部控制水平较低的企业表现得更为明显。Small and medium-sized enterprises,which have a close bearing on thousands of households,constitute an important pillar of China's economic development,but financing difficulties have long been a key factor hindering their further development.The rapid development of financial technology provides a new solution to their financing difficulties.Using the panel data of small and medium-sized enterprises in A-shares from 2011 to 2022 as a sample,this study empirically analyzes the impact and function mechanism of financial technology on the financing efficiency of small and medium-sized enterprises using bidirectional fixed effects model,mediation effect model,and moderation effect model.The results indicate that the development of financial technology has significantly improved the financing efficiency of enterprises;financial technology improves financing efficiency by alleviating financing constraints for enterprises;good corporate ESG performance strengthens the positive impact of fintech on the financing efficiency of small and medium-sized enterprises;a grouping study based on internal control heterogeneity finds that the role of fintech in improving financing efficiency is more pronounced in companies with lower levels of internal control.

关 键 词：金融科技 中小企业 融资效率 融资约束 ESG表现 

分 类 号：F832[经济管理—金融学] F275