摘要
本研究利用中国小微企业调查(CMES)数据,采用Cross-section Weights固定效应模型考察了数字普惠金融发展对小微企业全要素生产率的影响,并进一步以融资约束为中介变量考察这种影响路径的非线性中介效应。实证分析表明:数字普惠金融发展显著促进了小微企业全要素生产率的提升,但是这一影响结果具有异质性,在经济发达地区、中东部地区、规模较大的小微企业中,提升效果更为显著;数字普惠金融发展缓解了小微企业融资约束,而融资约束的缓解对小微企业全要素生产率的提升具有非线性影响;从融资约束角度来看,数字普惠金融对小微企业全要素生产率的提升起到了"雪中送炭"的作用,当企业处于相对较高融资约束水平时,数字普惠金融通过缓解融资约束来促进全要素生产率的作用效果较为明显,随着小微企业融资约束的进一步缓解,这种作用效果会递减,在较低融资约束水平时表现为抑制作用。
Based on the data of China Micro and Small Enterprise Survey,Using cross-section weights fixed effect model to investigate the impact of digital Inclusive Finance on total factor productivity of small and micro enterprises in this paper,and furthermore using financing constraints as mediating variables to study the nonlinear mediating effect of this impact path.The consequence of empirical analysis shows that:the development of digital Inclusive Finance promotes the total factor productivity of small and micro enterprises significantly,but it is heterogeneous,especially in economically developed regions,central and eastern regions and large-scale small and micro enterprises;the development of digital Inclusive Finance alleviates the financing constraints of small and micro enterprises,and the alleviation of financing constraints has a nonlinear impact on the improvement of total factor productivity of small and micro enterprises;from the perspective of financing constraints,digital Inclusive Finance has played an important role in improving the total factor productivity of small and micro enterprises.When the enterprises are at a relatively high level of financing constraints,digital Inclusive Finance has the obvious effect in promoting the total factor productivity by easing the financing constraints,this kind of effect will decrease,it would restrain the promoting the total factor productivity in the low level of financing constraints.According to the research,this article gets conclusions,enlightenments and puts forward some policy recommendations.
作者
顾宁
吴懋
赵勋悦
Gu Ning;Wu Mao;Zhao Xunyue
出处
《南京社会科学》
CSSCI
北大核心
2021年第12期35-47,共13页
Nanjing Journal of Social Sciences
基金
国家社科基金项目“城乡融合背景下普惠金融缓解相对贫困的机制与路径研究”(21BJY043)的阶段性成果。
关键词
数字普惠金融
小微企业
全要素生产率
融资约束
digital inclusive finance
small and micro enterprises
total factor productivity
financing constraints
