Financing constraints have always been a pain point for small and medium-sized enterprises.This paper takes the financial data of listed small and medium-sized board companies in China from 2011 to 2020 as samples,takes the China Digital Financial Inclusion Index of the Digital Finance Research Center of Peking University as the research object,and uses the cash-cash flow sensitivity model to investigate and analyze the mechanism of digital finance affecting financing of small and medium-sized enterprises.The results show that digital finance can significantly alleviate the financing pressure of smes,and the bank competition index plays a positive and positive regulating mechanism in improving the financing constraints of smes.Heterogeneity analysis shows that the easing effect of digital finance on corporate financing constraints is more obvious in the economically developed eastern region.
关键词
数字金融/银行竞争/中小企业/融资约束
Key words
digital finance/bank competition/small and medium-sized enterprises/financing constraints
万方数据