金融学院知识库

      随着数字化浪潮的持续推进，经济社会已全面步入数字化时代。在这一大背景下， 传统金融行业正面临着深刻的变革，逐渐迈向智能化的道路，数字金融作为这一变革的产物表现出强大的生命力，为科技型中小企业的稳健发展带来了新的机遇。科技型中小企业作为我国企业中的“长尾”部分，不仅是推动经济高质量发展的新引擎与中坚力量， 更是实现经济结构调整和转型的关键载体。但同时也需应对众多挑战，普遍面临融资约束难题。数字金融具有去中介化、便利化等特点，破解了科技型中小企业的融资难题。

       根据数字经济、信息不对称、交易成本等基础理论，本文以 2011-2021 年创业板上市并且拥有高新企业资格认定的企业为研究对象，采用基准回归模型实证检验数字金融在缓解科技型中小企业融资约束问题上的有效性，并进一步分析数字金融总指数与其分指数缓解效应的差异性。在影响机制方面，运用中介效应模型系统性地探讨了数字金融可以通过减轻信息不对称程度及降低融资成本两种渠道来缓解融资约束，并采用分组回归分析不同地区和企业特性在该效应中的异质性表现。最后，采用替换指标、动态 GMM 模型等方法进行稳健性检验。通过实证结果分析得出：（1）数字金融有效缓解了科技型中小企业的融资约束。在数字金融总指数下的分维度中数字化程度这一特定维度缓解效果最显著。（2）数字金融可以通过“减轻信息不对称程度”、“降低融资成本”两条缓解路径来优化企业整体融资环境。（3）在异质性检验部分发现，数字金融对东部、 中部和西部的科技型中小企业融资约束都有缓解作用，但在西部地区的企业缓解作用不显著；数字金融对非国有小型科技型企业较国有中型科技型企业缓解效用更显著。 基于上述研究结果，本文从政府、金融机构、企业三个层面提出了完善科技型中小企业融资过程的对策与建议，充分把握数字金融所带来的经济效应优势，以此减轻科技型中小企业的融资约束。

       As the digital wave persists, society and economy have fully entered the era of digitization. Against this backdrop, the traditional financial industry is facing profound changes and gradually moving towards intelligence. As a product of this transformation, digital finance has demonstrated strong vitality, bringing new opportunities for the steady development of technology-based SMEs. As the "long tail" segment of Chinese enterprises, technology-based SMEs are not only a new engine and backbone for promoting high-quality economic development, but also a critical carrier for achieving economic structural adjustment and transformation. However, they must also tackle numerous challenges, primarily financing constraints, which digital finance, with its de-intermediation and convenience features, has helped overcome.

      Based on fundamental theories such as digital economy, information asymmetry, and transaction costs, this article takes enterprises listed on the ChiNext board and recognized as high-tech enterprises from 2011 to 2021 as the research objects, adopting the baseline regression model to empirically test the effectiveness of digital finance in alleviating financing constraints for technology-based SMEs, and further analyzing the differences in the mitigating effects of the overall digital finance index and its sub-indices. In terms of the influencing mechanism, the mediation effect model is used to systematically explore that digital finance can alleviate financing constraints through two channels: reducing the degree of information asymmetrycosts. Group regression analysis is also employed to test the heterogeneity of different regions and enterprise characteristics in this effect. Finally, robustness tests are conducted using methods such as replacing indicators and dynamic GMM models. The empirical results analysis shows that: (1) Digital finance effectively alleviates the financing constraints of technology-based SMEs. Among the sub-dimensions under the overall digital finance index, the specific dimension of digitization has the most significant mitigating effect. (2) Digital finance can optimize the overall financing environment for enterprises through two mitigating paths: "reducing the degree of information asymmetry" and "lowering financing costs." (3) The heterogeneity test found that digital finance alleviates financing constraints for technology-based SMEs in the eastern, central, and western regions, but the mitigating effect is not significant for enterprises in the western region. Additionally, digital finance has a more notable mitigating effect on non-state-owned small technology-based enterprises compared to state-owned medium-sized technology-based enterprises..

      Drawing from the above research, this paper proposes strategies and suggestions to improve the financing process for technology-based SMEs from the perspectives of government, financial institutions, and enterprises. Leverage the economic advantages of digital finance to alleviate financing constraints for technology-based SMEs.