数字普惠金融、融资约束与中小企业投资效率
Digital Inclusive Finance,Financing Constraints and Investment Efficiency of Small and Medium-sized Enterprises
李梁 1殷凤春1
作者信息
- 1. 盐城师范学院 商学院,江苏 盐城 224007
- 折叠
摘要
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.
Abstract
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.
关键词
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Key words
Digital inclusive finance/Financial constraints/Investment efficiency/Heterogeneous stochastic frontier model/Small and medium-sized enterprises引用本文复制引用
基金项目
江苏省社科基金重点项目(23EYA001)
江苏高校哲学社会科学研究基金项目(2022SJSZ1074)
国家社科基金重大项目(20&ZD128)
出版年
2024
NETL
NSTL
万方数据