Based on the 2011-2021 Peking University Digital Financial Inclusion Index and the panel data of Shanghai and Shenzhen A-share listed companies,this paper studies the impact of regional digital financial inclusion development on corporate financing constraints.It is found that digital inclusive finance can significantly alleviate corporate financing constraints,a conclusion that still holds after robustness recommendations and consideration of endogeneity issues.Digital inclusive finance can alleviate corporate financing constraints through mechanisms such as improving information transparency,reducing information asymmetry between financial institutions and corporations,and lowering corporate financing costs.In addition,digital inclusive finance has a significant effect on alleviating private enterprises and SMEs,and has a greater effect on alleviating the financing constraints of enterprises in financially underdeveloped regions than in financially developed regions.Therefore,the combination of digitalization and inclusive finance should be further promoted to reduce costs and help the real economy.It's also suggested yo fully consider the heterogeneous characteristics of digital inclusive finance and strengthen support for private enterprises and SMEs.In financially backward regions,proactive policies should be adopted to provide incentives and education and training and to improve the business credit evaluation system.
关键词
数字普惠金融/融资约束/信息不对称/融资成本
Key words
digital financial inclusion/financing constraints/information asymmetry/financing cost
维普
万方数据