Digitalization and Investment Efficiency of Small and Medium-sized Enterprises—Empirical Evidences from Financing Constraint Intermediary
From the perspective of financing constraints of small and medium-sized enterprises,this paper theoretically discusses and empirically tests the influence effect and mechanism of digitalization on alleviating finan-cing constraints and improving investment efficiency of enterprises by constructing structured and multi-dimension-al digital index and enterprise financing constraint index.It is found that digitalization alleviates the financing con-straints of small and medium-sized enterprises in China and improves investment efficiency of enterprises.The in-termediary mechanism test further confirms that digitalization can alleviate financing constraints and improve invest-ment efficiency mainly by reducing corporate debt costs,extending debt maturity,optimizing debt structure and dig-ital subsidy effect.In addition,the impact of digitalization is heterogeneous.Generally,the product market compe-tition weakens the positive impact of digitalization on financing constraints and investment efficiency,while the property right of state-owned enterprises enhances them.Therefore,small and medium-sized enterprises should independently alleviate the"difficult financing"and"expensive financing"situations by continuously and deeply promoting the digital transformation.At the same time,government departments should increase digital support,bridge the digital"divide"and realize the comprehensive and balanced development of digitalization.
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