【摘要】 基于2011—2020年数字普惠金融发展指数，以及A股上市公司的微观数据，研究了数字普惠金融的发展对微观企业所面临的金融摩擦的影响。我们发现：数字普惠金融的发展显著缓解了企业面临的金融摩擦。同时，对于原先融资成本较高的企业、初创的企业，数字普惠金融对于其金融摩擦的缓解作用更强，这表明了数字普惠金融的发展有助于缓解企业的“融资难、融资贵”的问题，尤其是初创企业的融资问题。数字普惠金融可以通过改善企业的供应链贸易的视角，缓解企业面临的金融摩擦，包括降低对上游供应商的依赖程度，以及增强对下游客户的集成程度，起到强链、稳链的作用。随着数字普惠金融的广度和深度的增加，企业所面临的金融摩擦可以得到有效缓解。更多还原

【Abstract】 Based on the 2011-2020 digital inclusive finance development index and the micro data of A-share listed companies, this paper studies the impact of the development of digital inclusive finance on the financial friction faced by micro-enterprises. It has been found that the development of digital inclusive finance has significantly eased the financial friction faced by enterprises. At the same time, for enterprises with high financing costs and start-ups, digital inclusive finance has a stronger effect on alleviating their financial frictions, which shows that the development of digital inclusive finance can help ease the financing difficulties of enterprises, especially for start-ups. Digital inclusive finance can alleviate the financial friction faced by enterprises by improving the perspective of enterprises’ supply chain trade, including the reduction of the degree of dependence on upstream suppliers, and enhancing the degree of integration with downstream customers. With the increase in the width and depth of digital inclusive finance, the financial frictions faced by enterprises can be effectively alleviated.更多还原