摘要
中小企业发展一直是国民经济增长的生力军,然而由于中小企业存在规模小、无抵押、无担保以及信息不对称等诸多因素,造成了中小企业融资难、融资贵的现象。在发展内循环的背景下,利用金融科技的普惠性,可以更好地服务中小企业的发展,有助于实现其数字化转型、提升其融资能力。利用2011-2018年我国中小板上市企业数据以及北京大学数字金融研究中心课题组编制的数字金融发展指数,通过双向固定效应以及工具变量方法,检验了金融科技对中小企业成长的影响;通过中介效应模型,检验了金融科技通过融资约束和企业创新对中小企业成长的作用路径。研究结论:第一,金融科技发展显著促进了中小企业成长,即金融科技发达程度越高的地区,中小企业的成长速度越快;通过金融科技三个不同维度指数的作用可以进一步表明,金融科技覆盖度、使用深度以及数字化支持服务程度的提高有助于中小企业成长。换言之,中小企业外部环境越好,享受到的金融服务、个性化水平以及便利性越高,外部融资成本越低,中小企业成长性越好。在使用工具变量以及改变估计方法等稳健性检验后,结论依然成立,表明金融科技对中小企业成长的促进作用可以稳定存在。第二,通过外界环境的调节作用以及企业异质性检验后发现,金融科技对中小企业成长的影响表现出异质性,处于初创期和成长期以及非国有中小企业更能受到金融科技发展的促进作用,并且金融科技也是对地区市场化程度的有益补充。第三,通过中介效应模型进行影响机制分析后表明,金融科技发展主要通过降低中小企业外部融资约束以及提高企业研发创新的渠道对企业成长产生促进作用,在使用不同的融资约束和研发创新代理变量进行实证检验,影响机制依然存在。研究结果支持了金融科技的普惠性,有助于理解在"双循环"新发展战略背景下,金融科技如何在微观层面上畅通要素流动、提升内循环效率。
The development of small and medium-sized enterprises(SMEs)has always been a new force in the growth of the national economy.However,due to many factors such as small scale,no-pledge,information asymmetry and etc.,SMEs have the difficulty and expense of financing.In the context of the internal cycle of development,the use of the inclusiveness of financial technology can better serve the development of SMEs,help realize their digital transformation and improve their financing capabilities.Therefore,this paper attempts to examine the relationship between the development of Fintech and economic growth through the micro-level data of SMEs.Using the data of listed companies on China’s SMEs from 2011 to 2018 and the digital financial development index compiled by the research team of Institute of Digital Finance of Peking University,the impact of financial technology on the growth of SMEs is tested through the two-way fixed effect and instrumental variable method.Moreover,the role of financial technology on the growth of enterprises through financing constraints and innovation is tested by mediating effect.The main conclusions are as follows:First,the development of Fintech has significantly promoted the growth of SMEs,that is to say,the higher the degree of financial technology is in the region,the faster the growth of SMEs.The function of the three different dimensional indexes of financial technology can further show that the increase in the coverage,depth of use of Fintech and the degree of digital support services will help SMEs’growth,in other words,the higher the level of financial services,personalization and convenience that SMEs enjoy,the lower the cost of external financing and the better the growth of SMEs.After using the instrumental variables and changing the estimation methods and so on,the conclusions remains unchanged.It shows that the role of financial technology in promoting the growth of SMEs can exist stably.Secondly,through the adjustment of the external environment and the test of enterprise heterogeneity,it shows that the impact of Fintech on the growth of SMEs is heterogeneous.The SMEs that are in the early stage or growth stage or non-state-owned can be more promoted by the development of Fintech.Besides,Fintech is a useful supplement to the degree of regional marketization.Finally,the analysis of the influence mechanism through the mediation effect model shows that the development of Fintech mainly promotes the growth of enterprises by reducing the external financing constraints of SMEs and improving the R&D and innovation of enterprises.Using different financing constraints and R&D innovation proxy variables for empirical testing,the impact mechanism still exists.The research results of this paper support the inclusiveness of Fintech,and also help to understand how Fintech can smooth the flow of elements at the micro level and improve the efficiency of the internal cycle under the background of the new development strategy of"Dual Circulation".
作者
吴传琦
张志强
WU Chuanqi;ZHANG Zhiqiang(School of Social Sciences,Tsinghua University,Beijing 100084,China;Postdoctoral Workstation,China Export&Credit Insurance Corporation,Beijing 100033,China)
出处
《四川轻化工大学学报（社会科学版）》
2021年第3期73-87,共15页
Journal of Sichuan University of Science & Engineering：Social Sciences Edition
基金
国家社会科学基金青年项目(18CJL037)。
关键词
金融科技
融资约束
研发创新
企业成长
中介效应
Fintech
financing constraint
R&D innovation
enterprise growth
mediating effect
