金融学院知识库

  近几年，中小企业规模以及数量逐渐壮大起来，在创新、研发、知识产权能力等方面都有了很大程度的提高，发展环境也在进一步优化，成为中国经济转型发展的推动力之一。但中小企业进行融资普遍存在受限问题，数字金融的发展，给这一问题的缓解带来了新的途径。本文研究考察数字金融对融资约束的影响，并分析制度环境对二者关系的调节机制，以2011-2018年30个省共588家中小板上市的企业作为中小企业样本进行研究，实证分析数字金融对中小企业所面临的融资约束的作用效应以及考虑地区制度环境差异性后两者关系的变化情况，再通过稳健性检验确保研究结果的正确性。实证研究结果表明：我国中小企业明显受到融资约束的困扰，在其他条件不变的情况下，数字金融的发展可以减缓中小企业面临的融资约束情况；在地区制度环境有差别的情况下，数字金融与中小企业融资约束两者之间的关系也不同，具体表现为：在制度环境较好的地区，数字金融的发展可以明显缓解我国中小企业受到的融资约束，然而在制度环境较差的地区，数字金融的发展对中小企业面临的融资约束没有影响；数字金融的发展对于不同企业规模、各个地区以及不同产权的中小企业所面临的融资约束的作用效应有所不同，具体表现为：数字金融的发展对小微型的、属于东部地区以及民营的中小企业融资约束起到明显的减缓效应，而规模大的、属于中西部地区以及国有的中小企业融资约束没有受到数字金融发展的作用。基于本文所得出的研究结果，从数字金融、中小企业以及制度环境三个方面得出启示：第一，努力推动数字金融的健康发展，对相应的法律体系进行全面修改完善，政府部门对其发展的监管力要进一步加大，提升相应技术水平；第二，为中小企业供给更加匹配的金融服务，建立专门解决中小企业资金需求的金融服务体系，推动数字金融平台为中小企业提供更加全面的服务，加强人才培养力度；第三，积极采取措施缩小我国各地区制度环境的差距，优化经济发展环境、金融深化环境、法制化环境。

  Last several years, the scope and the number of small enterprise is creasingly improved, in the ability of creation, R&D, the right of intellectual property etc., which is growing quickly. Moreover, the environment which is growing becomes optimization. That make one of the urge for the China's restructuring economy progress. But universal problems restricted in small enterprise equity trading, the progress of digital finance, brought new ways to alleviate this problem. This paper studies digital finance influence of trading restraints, and analyze the systematical circumstance to adjust the relation between the two mechanisms, based on theoretical analysis in 30 provinces from 2011 to 2018, a total of 588 home small board listed companies as small enterprises swatches were studied, the empirical study digital finance effect of small enterprise equity trading restraints and think about territorial imparities after the alter of the relation between systematical circumstance, again through the robustness test to ensure the correctness of the consequences. Study consequences show that the small enterprises in our country obviously troubled by equity trading restraints, in the case of other factors unchanged, digital finance progress can retard the small enterprise equity trading restraints; The exist of imparities in territorial systematical circumstance, digital finance and small enterprise equity trading restraints, the relation between the two is disparate, the specific performance as follows: in the systematical circumstance better area, the progress of digital finance can obviously alleviate our country small enterprise equity trading restraints, but in the systematical circumstance of poor areas, the progress of digital finance has no effect on the small enterprises equity trading restraints; Numbers of monetary progress for disparate size, disparate parts and disparate enterprise property rights of small enterprise equity trading restraint effect is disparate, the influence of specific performance is: the progress of digital finance, pertains to the eastern area of small miniature and private small enterprise equity trading restraints have obvious relief, and big scope, pertain to the medial and western areas, and state small enterprise equity trading restraints is not affected by the amount of monetary progress. Based on the study consequences obtained from the paper, from the digital finance, small enterprises, and the systematical circumstance gives some enlightenment from three sides: first, endeavor to boost the healthy progress of the digital finance, to perfect modification of relevant legal system, rule of the progress of the force of its government sections should ulteriorly strengthen and boost the corresponding technical level; Second, for the small enterprises to furnish more matching and efficient interrelated services, build special treatment to small enterprise principal wants of monetary service system, to boost digital finance platform to furnish more general services to small enterprises, strengthen personnel training; Third, take active measures to shrink the gap of territorial systematical circumstance in our country, optimize the circumstance of economic progress, monetary deepening circumstance, legal circumstance.