数字普惠金融、融资约束与中小企业投资效率被引量：27

Digital Inclusive Finance,Financing Constraints and Investment Efficiency of Small and Medium-sized Enterprises

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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。 By constructing a heterogeneous stochastic frontier model,using the digital inclusive finance index and the financial information of listed enterprises,this paper quantitatively examines the impact of digital inclusive finance on financing constraints and uncertainties,and then estimates the investment efficiency of Chinese SMEs.The results show that Chinese SMEs face significant financing constraints,the investment efficiency decreases by 30%-40%due to the financing constraints,with the average efficiency of 64%.Digital inclusive finance will help reduce SMEs’financing constraints and significantly 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 increased by digital inclusive finance.This paper enriches the research on digital inclusive finance to ease the financing constraints 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.

作者李梁殷凤春 LI Liang;YIN Feng-chun(School of Business,Yancheng Teachers University,Jiangsu Yancheng 224007,China)

机构地区盐城师范学院商学院

出处《科学管理研究》 CSSCI 北大核心 2024年第1期106-114,共9页 Scientific Management Research

基金江苏省社科基金重点项目(编号:23EYA001) 江苏高校哲学社会科学研究基金项目(编号:2022SJSZ1074) 国家社科基金重大项目(编号:20&ZD128)。

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 Digital inclusive finance Financial constraints Investment efficiency Heterogeneous stochastic frontier model Small and medium-sized enterprises

分类号 F83 [经济管理—金融学] F275.6 [经济管理—企业管理]

作者简介李梁(1993-),女,江苏滨海人,硕士,盐城师范学院商学院讲师,主要研究方向:数字经济、公司金融和财务管理;通讯作者:殷凤春(1974-),男,江苏盐城人,博士,盐城师范学院商学院院长、教授、硕士生导师,苏北现代化研究基地执行院长,中韩(盐城)产业园创新发展研究院院长,主要研究方向:数字经济与人力资源管理。