摘要
基于现金-现金流敏感性模型和中国中小企业板上市公司数据,从数字普惠金融和互联网金融发展的角度,考察中国普惠金融创新对中小企业融资约束的影响。研究结果表明:中小企业表现出明显的现金-现金流敏感性,即中小企业面临显著的融资约束;数字普惠金融和互联网金融的发展显著缓解了中小企业的融资约束,数字普惠金融的覆盖广度、使用深度和数字支持服务程度均对中小企业融资约束具有缓解作用;相较于国有中小企业,普惠金融创新对民营中小企业融资约束的缓解作用更为明显。立足普惠金融创新这一全新视角,为更好地破解中小企业"融资难"问题提供政策启示。
Based on the cash-cash flow sensitivities model and the data of listed companies in China＇s SME board, this paper investigates the impact of China＇s inclusive finance innovation on the financing constraints of Small and Medium-sized Enterprises （SMEs） from the perspectives of digital inclusive finance and the internet finance development. The results show that the SMEs have significant cash-cash flow sensitivities, that is, SMEs face significant financing constraints. The development of digital inclusive finance and the internet finance obviously ease the financing constraints of SMEs. Besides, the coverage, depth and digital support of digital inclusive finance can all help release the constraints. Compared with the state-owned SMEs, the inclusive finance innovation contributes more to easing financing constraints of private SMEs. From the perspective of inclusive finance innovation, this paper gives insights to break out from the financing difficulties of SMEs.
作者
梁榜
张建华
Liang Bang;Zhang Jianhua(School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China)
出处
《中国科技论坛》
CSSCI
北大核心
2018年第11期94-105,共12页
Forum on Science and Technology in China
基金
国家社会科学基金"国家治理体系和治理能力现代化"研究专项项目(17VZL002)
关键词
数字普惠金融
互联网金融
中小企业
融资约束
Digital inclusive finance
Internet finance
Small and Medium-sized Enterprises
Financing constraint
