金融学院知识库

摘要

投资决策作为企业重要的财务决策，涵盖了企业日常经营的多个环节，这其中包括了公司的资金筹集、资源的分配以及战略抉择等与企业生存发展相关的各个方面，同时也对资本市场的发展产生影响。目前已经有研究表明，公司在日常经营活动中受到信息不对称以及委托代理问题的影响，因而导致了非效率投资现象的出现。我国大力推进数字金融政策的出发点是为整个市场提供更加具有普惠性且高质量的金融服务，提高中小企业的市场竞争力，然而由于金融市场的不完善以及中小企业自身的局限性，数字金融对中小企业投资效率的影响仍需进一步研究。到目前为止，在相关的学术研究中，多是针对宏观经济因素对投资效率的影响进行分析，却少有对其中的微观影响机制进行研究，综上所述，本文研究数字金融对中小企业的投资效率具有何种影响，并进一步分析其中的影响机制，具有一定的研究价值和实践意义。

本文对已有文献进行梳理回顾，明确数字金融、投资效率的相关概念，探讨了相关的理论，并在国内外学者已有研究成果的基础上，提出研究假设和相关的研究变量，构建实证模型，利用我国2011-2020年中小板上市公司的数据，运用EXCEL2019对数据进行整理，并运用STATA16进行面板数据的多元回归分析。针对数字金融与投资效率之间的关系，分别进行了实证分析与稳健性检验，进而得出了研究结论并提出针对性的政策建议。

本文经过研究，得出了如下结论：数字金融发展有助于提升中小企业的投资效率；数字金融可以通过提高中小企业研发投入来提升中小企业投资效率；数字金融可以通过降低企业债务融资成本来提升中小企业投资效率；数字金融会通过提高中小企业财务灵活性降低其投资效率。基于以上结论，本文提出如下建议：第一，强化数字金融普惠性，畅通数字金融作用于中小企业的渠道机制；第二，完善数字金融相关基础设施建设；第三，推出相关政策支持数字金融发展；第四，为中小企业提供精细化数字金融服务；第五，强化对于数字金融领域的监管。

Abstract

Investment decision, as an important financial decision of an enterprise, covers many aspects of the daily operation of an enterprise, including the raising of capital, the allocation of resources and strategic choices of the enterprise, and also influences the development of capital market. Research has shown that companies are affected by information asymmetry and principal-agent problems in their daily operations, which leads to inefficient investment. The starting point of promoting digital finance policy in China is to provide more inclusive and high-quality financial services to the whole market and improve the market competitiveness of SMEs. However, due to the imperfections of financial market and the limitations of SMEs themselves, the impact of digital finance on the efficiency of SME investment needs further study. So far, in the relevant academic research, most of the impact of macroeconomic factors on the efficiency of investment, but few of the micro-impact mechanisms. In summary, this paper studies the impact of digital finance on SME investment efficiency, and further analysis of the impact of the mechanism, has some research value and practical significance.

This paper combs through the existing literature, clarifies the concepts of digital finance and investment efficiency, discusses relevant theories, puts forward research assumptions and related research variables based on the existing research results of domestic and foreign scholars, constructs empirical models, collates data with data from small and medium-sized listed companies in our country from 2011 to 2020, and uses EXCEL 2019 to analyze the data with multiple regression analysis of panel data using STATA16. According to the relationship between digital finance and investment efficiency, empirical analysis and robustness test are carried out respectively, and then the research conclusions and targeted policy recommendations are put forward.

In this paper, the following conclusions are reached: the development of digital finance will help to improve the investment efficiency of SMEs; Digital finance can improve the investment efficiency of SMEs by increasing their R & D investment. Digital finance can improve the investment efficiency of SMEs by reducing the cost of debt financing. Digital finance can reduce the investment efficiency of SMEs by increasing their financial flexibility. Based on the above conclusions, this paper puts forward the following suggestions: First, strengthen the digital financial inclusion and smooth the channel mechanism of digital finance in small and medium-sized enterprises; Second, improve digital finance-related infrastructure construction; Third, introduce policies to support digital finance development; Fourth, provide detailed digital financial services for SMEs; Fifth, Strengthen supervision of the digital finance sector.