摘要
本文将数字普惠金融与小微企业出口相结合,为深入探讨数字金融的普惠意义提供了新视角。我们基于数字普惠金融指数和中国小微企业调查数据,构建一个广义双重差分回归模型进行经验分析,经过一系列内生性处理后,回归结果稳健地显示数字普惠金融发展可显著促进小微企业出口。机制分析结果表明,数字普惠金融会促进生产率更低的企业出口,并改善小微企业的营运资本使用效率。此外,数字普惠金融覆盖广度比使用深度和数字化程度对小微企业出口的影响更大。高资金负担、弱政企关系以及西部地区的小微企业受益更大,这是雪中送炭的表现;而在金融软环境更好的地区小微企业受益更多,则是锦上添花的表现。
This paper puts together the SMEs export activities with digital financial inclusion to provide an excellent perspective for the in-depth discussion of the inclusive meaning of digital finance.Based on the China Digital Financial Inclusion Development Index and the data of China Micro and Small Enterprises Survey,this paper constructs a generalized Difference-in-Differences model for empirical research.After a series of endogenous treatments,the regression results robustly show that,compared with the control group,the development of digital financial inclusion can significantly increase the export of SMEs in the treatment group.The mechanism analysis shows that the main mechanism is to promote the export of lowerproductivity SMEs and improve the management efficiency of SMEs’working capital.In addition,the impact of the coverage of digital financial inclusion on the export of SMEs is greater than the depth of use and the degree of digitalization.SMEs with heavy financial burdens,SMEs with weak government-enterprise relationship and SMEs in the western regions have benefited significantly more,all of which unanimously indicate that the role of digital financial inclusion is more of“timely help”.But we also find that in regions with a better financial environment,SMEs with the higher degree of digitalization benefited more,which indicate that the role of digital financial inclusion is“additional improvement”.
作者
张铭心
谢申祥
强皓凡
郑乐凯
Zhang Mingxin;Xie Shenxiang;Qiang Haofan;Zheng Lekai
出处
《世界经济》
CSSCI
北大核心
2022年第1期30-56,共27页
The Journal of World Economy
基金
国家社会科学基金重点项目(18AGJ001)
上海市哲学社会科学规划青年课题(2020EJB012)的阶段性研究成果
国家社会科学基金重大项目(17ZDA097)的资助
“泰山学者专项工程”的支持。
作者简介
张铭心:复旦大学发展研究院,电子信箱:sh_zmx@163.com;谢申祥:山东财经大学经济学院电子信箱:xsx786@l63.com;通讯作者:强皓凡:复旦大学经济学院,上海市杨浦区国权路600号200433电子信箱:qianghaofan96@163.com;郑乐凯:上海黄金交易所,电子信箱:lekaizheng@aliyun.com。
