摘要
本文以2011—2021年新三板挂牌上市公司为研究样本,通过SA融资约束指数模型测度企业融资约束,并运用多元回归模型实证分析数字普惠金融对中小企业融资约束的影响。实证结果表明,数字普惠金融能够助力中小企业融资,而且数字普惠金融的覆盖广度降低中小企业融资约束的作用更明显,使用深度和数字化程度作用相对较小。异质性结果表明,在融资约束方面,相较国有企业,数字普惠金融会给非国有中小企业带来积极的影响。在此基础上,本文从政府需加强数字金融监管、企业不断重视数字金融创新等方面提出对策建议。
This paper takes the new third board listed companies from 2011 to 2021 as the research samples,measures corporate financing constraints through the SA financing constraints index model,and empirically analyzes the impact of digital inclusive finance on small and medium-sized enterprises’financing constraints by using multiple regression models.The empirical results show that digital inclusive finance can help small and medium-sized enterprises’financing,and the breadth of coverage of digital inclusive finance has a more significant role in reducing small and medium-sized enterprises’financing constraints,while the depth of use and the degree of digitization have a relatively smaller role.The heterogeneity results show that in terms of financing constraints,digital inclusive finance brings more positive eff ects to non-state-owned small and medium-sized enterprises compared to state-owned enterprises.On this basis,in this article,countermeasures are proposed in terms of the needs for the government to strengthen the regulations of digital finance and the continuous attention of enterprises to digital financial innovation,etc.
作者
谢韶新
刘彤蕾
XIE Shaoxin;LIU Tonglei(Economic College,Hunan Agricultural University Changsha,Hunan 410128;Business School,Hunan Agricultural University Changsha,Hunan 410128)
出处
《中国商论》
2023年第6期119-122,共4页
China Journal of Commerce
基金
湖南省社会科学基金项目“湖南省农户数字金融行为减缓收入相对贫困的机理与路径研究”(21JD020)
湖南省教育厅重点项目“数字金融参与深度能否助推居民家庭持续增收(22A0147)”。
关键词
融资约束
数字普惠金融
新三板
中小微企业
SA指数
financing constraints
digital inclusive finance
new third board
micro,small and medium-sized enterprises
SA index
