Can Digital Finance Ease SME Financing Constraints?:Based on the Empiri-cal Evidence of Enterprises Listed on the Small and Medium Board
As the product of the deep integration of digital technology and financial innovation,digital finance provides the possibility to ease the financing constraints of SMEs.Based on the data of listed SMEs from 2012 to 2020,the influence and mechanism effect of digital finance on financing constraints of SMEs were tested empirically.The results show that:digital finance plays a long-term driving role in alleviating the financing constraints of SMEs;the structural effect shows that coverage breadth and usage depth are the main driving forces;heterogeneity analysis shows that digital finance plays a stronger driving role in large-scale enter-prises,enterprises with high information disclosure quality,manufacturing industry and economically underde-veloped regions;mechanism analysis shows that digital finance can alleviate the financing constraints of SMEs through improving the efficiency of allocation financial resource and reducing the financing cost of SMEs.
digital financemiddle and small-sized enterprisesfinancing constraintsefficiency of financial re-source allocationfinancing cost
NETL
NSTL
万方数据
