【作者】 王思思；

【导师】 胡国晖；

【作者基本信息】 武汉理工大学 ， 应用经济学， 2023， 硕士

【摘要】 当前我国正处于经济转型的新常态阶段,中小企业是推动经济发展的重要支撑来源。然而,我国中小企业面临的融资“贵、少、难”问题一直没有得到很好解决,严重影响企业的经营活动和健康发展。此外,我国金融资源配置效率一直不高,存在金融错配现象。中小企业在信贷融资时更容易受到歧视,加剧了其融资困境。与此同时,依托于大数据、物联网与云计算等新兴技术的数字普惠金融,为缓解中小企业融资困境带来了新的机遇。技术与金融的结合使得其具有融资纾缓的先天优势,能在拓宽企业融资渠道、降低融资成本及降低信息不对称程度等方面发挥作用。因此本文研究在纾缓中小企业融资约束上,数字普惠金融能否起到显著作用。同时将金融错配纳入这一传导机制中,分析信贷错配和期限错配的降低是否在融资纾缓路径中起到的中介效应,具有一定的理论与实践意义。本文首先梳理数字普惠金融、金融错配与融资约束相关文献,并阐述了信息不对称、长尾理论与资源配置理论,提供了理论支撑。接下来,进行理论分析:数字普惠金融能够在渠道、成本与信息等方面起到融资纾缓作用;且其能够通过降低企业的金融错配程度,具体为降低信贷错配与期限错配程度两个方面,来增加中小企业融资可及性,并提出假设。接着,测度我国数字普惠金融、金融错配与融资约束水平并对其进行描述分析。然后,构建计量模型对假设进行验证,以我国深圳交易所中小板和创业板上市的2012-2021年的企业为研究样本,使用双向固定效应模型进行实证分析。结果表明:第一,在缓解中小企业融资约束方面,数字普惠金融能够起到显著作用,且该纾解作用在较长时间仍能持续发挥作用。该结论经过内生性和稳健性检验后仍成立;分维度发现,数字覆盖广度和使用深度发挥的融资纾解作用更强。第二,探究作用机制发现,数字普惠金融通过降低信贷错配和期限错配程度两条渠道对融资约束产生缓解作用。第三,异质性分析表明,该融资纾缓作用在非国有企业、东部地区、市场化程度较高省份与银行竞争更激烈地区中更加明显。最后,根据研究结论并结合中国的实际经济发展情况,从政府、金融机构、中小企业层面提出合理建议。更多还原

【Abstract】 At present,China is in the new normal phase of economic transition.Small and medium-sized enterprises are an incredibly crucial source of assistance for fostering economic growth.Unfortunately,the issues with expensive,limited and difficult financing that China’s small and medium-sized enterprises have not been adequately addressed,which has a negative impact on their commercial activities and long-term health development.Furthermore,financial mismatches are existed in China’s economy system,which displays a state that China’s deployment of financial resources has not been very efficient.Under this situation,SMEs are more susceptible to discrimination in loan financing,their financial environment is made worse.In the meantime,new opportunities have been created to help small and medium-sized businesses with their financing challenges by using digital inclusive finance,that is rely on cutting-edge technology like blockchain,big data,social networks,and artificial intelligence.Technology and finance cooperate together to make significant contributions to eliminating information asymmetry,decreasing financing costs,and expanding business funding channels.In order to investigate the effects of digital inclusive finance on SME financing constraints and further analyze the partial mediation effect of credit mismatch and maturity mismatch in this channel,which has specific theoretical as well as practical implications,this paper integrates digital inclusive finance,financial mismatch,and SME financing constraints into the same research framework.First,this study covers the literature on financial mismatch,financing constraints,and digital inclusive finance.Furthermore,it offers theoretical justification for more research based on information asymmetry,long tail theory,and resource allocation theory.The influence of digital inclusive finance on the financial limitations faced by SMEs is then theoretically evaluated.The mediating roles of credit mismatch and maturity mismatch are then further examined,and research hypotheses are presented.In addition,the advancement of inclusive digital finance in China,as well as the level of credit mismatch,maturity mismatch,and financing challenges faced by SMEs,are then analyzed and described.The enterprises listed on the small and medium-sized board and GEM of the Shenzhen Stock Exchange in China from 2012 to 2021 are used as the research samples,and the two-way fixed effect model is used for empirical regression analysis.After that,the econometric model is built to test the hypothesis.The findings are demonstrated in below:First,digital inclusive finance does have possibility of significantly relieve SMEs’ financial restrictions in the long run.After endogenous and robustness tests,this result is still applicable.It has been discovered that the digital coverage and breadth of digital usage have a greater impact on finance mitigation.Second,by addressing the financial and maturity mismatches that corporations have,digital inclusive finance helps to relieve financial limitations.Third,the finance soothing impact is more pronounced,according to heterogeneity research,in non-state-owned,eastern regions,provinces with a higher degree of marketization,and provinces with more intense bank rivalry.Ultimately,recommendations are made from the level of government,financial institutions,and small and medium-sized firms based on the research’s findings and integrated with China’s actual economic progress.更多还原