摘要
借助2011~2018年中小企业板上市公司数据,探究数字金融是否降低企业债务融资成本及其作用机制。研究发现,数字金融负向影响企业债务融资成本。进一步地,基于债权人异质性视角,发现数字金融对银行贷款融资具有促进作用,而对商业信用贷款融资具有抑制作用。从数字金融的传导机制来看,企业内部控制在数字金融影响的机制识别中扮演着部分中介角色。基于此,结合实证研究结论从落实数字金融政策、金融供给侧改革以及提升企业自身内部建设等角度可为中小企业融资纾困解难提供相应的建议与参考。
Based on the data of listed companies on the SME board from 2011 to 2018,this paper explores whether digital finance reduces the cost of corporate debt financing and its mechanism.It is found that digital finance negatively affects the cost of corporate debt financing.Further,from the perspective of creditor heterogeneity,it is found that digital finance promotes bank loan financing and inhibits commercial credit loan financing.From the perspective of the transmission mechanism of digital finance,enterprise internal control plays an intermediary role in the mechanism identification of the impact of digital finance.Based on this,combined with the empirical research conclusions,this paper puts forward some suggestions on the financing relief of small and medium-sized enterprises from the perspectives of implementing digital financial policy,financial supply side reform and improving the internal construction of enterprises.
作者
陈廉
易露
陈强
CHEN Lian;YI Lu;CHEN Qiang(Southwest University of political science and law,Chongqing 401120,China;Guangdong Academy of Agricultural Sciences,Guangzhou,Guangdong 510640,China)
出处
《贵州财经大学学报》
CSSCI
北大核心
2021年第5期53-60,共8页
Journal of Guizhou University of Finance and Economics
基金
国家社科基金一般项目“数字经济驱动中小企业高质量转型战略、路径与支撑体系研究”(项目编号:20BJL138)
教育部人文社会科学研究青年项目“我国民营中小企业嵌入‘一带一路’产业链的模式与政策支撑研究”(编号:19YJC790010)
重庆市教委科学技术研究计划项目《后疫情时代推进中小企业数字化赋能的路径与政策支撑体系研究》(项目编号:KJQN202000303)
重庆市研究生科研创新项目“新时代数字化赋能中小企业高质量发展机制与路径研究”(项目编号:CYS21208)。
关键词
数字金融
中小企业
债务融资成本
债权人异质性
Digital finance
small and medium-sized enterprises
Debt financing costs
Creditor heterogeneity
