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数字普惠金融、融资约束与中小企业投资效率

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通过构建异质性随机前沿模型,利用北京大学数字普惠金融指数市级数据和上市公司财务数据,探究数字普惠金融对中小企业融资约束和融资不确定性的作用,从而估算出投资效率.研究发现:我国中小企业在投资时面临显著的融资约束,融资约束的存在使得实际投资水平比最优投资水平低了 30%-40%,平均投资效率仅为64%,且投资效率存在明显的异质性特征.数字普惠金融的发展能缓解中小企业融资约束,提高投资效率,这一作用在东部地区和非国有企业样本中更加显著.但是,数字普惠金融的发展同时也增加了中小企业的融资不确定性,加剧了金融市场风险.研究为数字普惠金融的发展缓解中小企业融资约束,提升投资效率提供了经验证据,为如何更好地发挥金融市场对中小企业的支持作用,促进经济高质量发展提供了理论依据和政策启示.
Digital Inclusive Finance,Financing Constraints and Investment Efficiency of Small and Medium-sized Enterprises
By constructing a heterogeneous stochastic frontier model,using the digital inclusive finance index and the fi-nancial information of listed enterprises,this paper quantitatively examines the impact of digital inclusive finance on finan-cing constraints and uncertainties,and then estimates the investment efficiency of Chinese SMEs.The results show that Chi-nese SMEs face significant financing constraints,the investment efficiency decreases by 30%-40%due to the financing con-straints,with the average efficiency of 64%.Digital inclusive finance will help reduce SMEs'financing constraints and sig-nificantly improve the investment efficiency.This effect is more significant in the samples of enterprises in eastern regions and non-state-owned enterprises.However,the financing uncertainties and intensified financial market risks have been in-creased by digital inclusive finance.This paper enriches the research on digital inclusive finance to ease the financing con-straints and improve the investment efficiency,provides theoretical basis and policy enlightenment on how to better play the supporting role of financial markets for SMEs and promote high-quality economic development.

Digital inclusive financeFinancial constraintsInvestment efficiencyHeterogeneous stochastic frontier modelSmall and medium-sized enterprises

李梁、殷凤春

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盐城师范学院 商学院,江苏 盐城 224007

数字普惠金融 融资约束 投资效率 异质性随机前沿模型 中小企业

江苏省社科基金重点项目江苏高校哲学社会科学研究基金项目国家社科基金重大项目

23EYA0012022SJSZ107420&ZD128

2024

10.19445/j.cnki.15-1103/g3.2024.01.012

科学管理研究
内蒙古自治区软科学研究会

科学管理研究

CSTPCDCSSCICHSSCD北大核心
影响因子：1.184
ISSN：1004-115X
年,卷(期)：2024.42(1)
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