金融学院知识库

  普惠金融一直以来都是国家关注的重点问题，中小微企业信贷问题更是普惠金融的一大重难点。时至今日，这个问题仍然没有得到很好地解决。金融科技自上世纪出现以来，其先进性就不断渗透到金融服务的各个领域，它的高透明度、高安全性改变了金融服务业态，带给金融服务新的创新模式。而中小微企业就是金融科技创新作用下的一个获益者，金融科技通过降低信息透明度、缓解信息约束带来的诸多问题、优化信贷平台服务促进中小微企业信贷。在此背景下，本文收集了2011年-2020年我国200家中小板上市公司作为样本数据来探究金融科技对中小微信贷支持的影响及作用机理。

  本文梳理了国内外对金融科技、中小微企业融资以及金融科技对中小微企业信贷影响的研究现状作为理论分析依据，明确金融科技对中小微企业信贷的作用机理、研究方向、企业异质性在其中的影响，并在此基础上提出研究假设。接着以北京大学数字普惠金融指数代表金融科技的发展水平作为解释变量，以中小微企业信贷余额代表企业的信贷发展状况作为被解释变量，贷款利率作为中介变量，构建模型进行实证分析。得出以下结论：一是金融科技的发展能够显著缓解中小微企业的信贷过程中的信息不对称问题，降低平台的信贷借贷风险，优化平台服务，优化征信系统，促进中小微企业信贷。二是金融科技可以改善中小微企业的信贷结构。且在金融科技发展前期信贷结构变化较大，中后期变化较为缓慢。三是金融科技影响利率传导，金融科技的发展与贷款利率呈显著负相关关系，金融科技发展的越好，LPR相对来说就越低。四是金融科技背景下利率传导促进中小微企业信贷，金融科技缓解银行与企业间的信息不对称问题，以降低商业银行在信贷过程中的人工授信成本，提高信贷信息交换的速度和效率，极大地促进了利率传导在促进中小微企业信贷中的作用。五是区域异质性能够影响金融科技对中小微企业的促进作用。最后针对本文的研究结果提出了以下建议：一是政府部门应发挥带头作用，多方位助力企业金融科技发展。二是商业银行也应该响应政府号召，持续有利推进金融科技在行业内的深度融合。三是中小微企业要顺应金融科技潮流不断优化自身的发展。

  Inclusive finance has always been a key issue of national concern, and the issue of credit for small, medium-sized, and micro enterprises is even more important and difficult for inclusive finance. To this day, this issue has not been well resolved. Since the emergence of FinTech in the last century, its progressiveness has constantly penetrated into all fields of financial services. Its high transparency and high security have changed the format of financial services and brought new innovative models to financial services. Small, medium, and micro enterprises are one of the beneficiaries of financial technology innovation. Financial technology promotes credit for small, medium, and micro enterprises by reducing information transparency, alleviating many problems caused by information constraints, and optimizing credit platform services. In this context, this article collected 200 small and medium-sized board listed companies in China from 2011 to 2020 as sample data to explore the impact and mechanism of financial technology on small and medium-sized micro credit support.

  This article reviews the current research status of financial technology, financing for small and medium-sized micro enterprises, and the impact of financial technology on credit for small and medium-sized micro enterprises at home and abroad as a theoretical basis for analysis. It clarifies the mechanism, research direction, and the impact of enterprise heterogeneity of financial technology on credit for small and medium-sized micro enterprises, and proposes research assumptions based on this. Then, using the Peking University Digital Inclusive Finance Index representing the development level of financial technology as the explanatory variable, the credit balance of small and medium-sized micro enterprises representing the credit development status of enterprises as the explanatory variable, and the loan interest rate as the intermediary variable, a model was constructed for empirical analysis. The following conclusions are drawn: First, the development of financial technology can significantly alleviate the information asymmetry problem in the credit process of small and medium-sized micro enterprises, reduce the credit lending risks of the platform, optimize platform services, optimize credit reporting systems, and promote credit for small and medium-sized micro enterprises. Second, financial technology can improve the credit structure of small and medium-sized enterprises. In addition, in the early stage of the development of financial technology, the credit structure changed significantly, while in the middle and late stages, the change was relatively slow. Third, financial technology affects the transmission of interest rates. The development of financial technology has a significant negative correlation with loan interest rates. The better the development of financial technology, the lower the LPR. Fourth, in the context of financial technology, interest rate transmission promotes credit for small, medium-sized, and micro enterprises. Fifth, regional heterogeneity can affect the promotion effect of financial technology on micro, small and medium-sized enterprises. Financial technology alleviates the problem of information asymmetry between banks and enterprises, reducing the manual credit cost of commercial banks in the credit process, improving the speed and efficiency of credit information exchange, and greatly promoting the role of interest rate transmission in promoting credit for small, medium-sized, and micro enterprises. Finally, based on the research results of this article, the following suggestions are proposed: First, government departments should play a leading role in assisting enterprises in the development of financial technology in multiple aspects. Second, commercial banks should also respond to the government's call to continue to promote the deep integration of financial technology within the industry. Third, small and medium-sized micro enterprises should continuously optimize their own development in line with the trend of financial technology.