| 摘要: |
| 摘要：中国中小企业在追求自身发展的同时，普遍面临“融资难、融资贵”的现实挑战，传统融资模式由于存在信息不对称等问题，导致其融资能力受限。基于2012－2023年中国创业板上市公司数据，构建地级市层面金融科技发展水平指标，考察地区金融科技发展对中小企业融资约束的影响及其内在机制。研究发现：地区金融科技发展能够显著缓解中小企业的融资约束，这一结论在经过一系列稳健性检验后依旧成立。机制分析显示，地区金融科技发展通过降低融资成本、优化金融资源配置、减少信息不对称显著缓解中小企业融资约束。异质性分析显示，在上市年限较长、地区金融发展水平较低的企业，地区金融科技发展对中小企业融资约束缓解效应更为显著。 |
| 关键词: 关键词：金融科技；融资约束；融资成本；金融错配；信息不对称 |
| DOI： |
| 分类号:F832.4 |
| 基金项目:基金项目：国家社会科学基金后期资助项目“银行金融科技促进中国城乡融合发展研究”（25FJYB030）。 |
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| Research on the Impact of Regional Fintech Development on Financing Constraints of Small and Medium-Sized Enterprises |
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TIAN Lin，ZHANG Yue
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(School of Business，Zhengzhou University)
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| Abstract: |
| Abstract：While pursuing their own development，SMEs in China generally face the practical challenges of “difficulty in financing and high financing costs.” Traditional financing models，due to issues such as information asymmetry，limit their financing ability.Based on data from companies listed on the ChiNext board in China from 2012 to 2023，the study constructs indicators of fintech development at the prefecture-level city level to examine the impact of regional fintech development on SMEs’ financing constraints and its underlying mechanisms.The study finds that regional fintech development can significantly alleviate SMEs’ financing constraints，and this conclusion remains robust after a series of robustness tests.Mechanism analysis shows that regional fintech development significantly eases SMEs’ financing constraints by reducing financing costs，optimizing the allocation of financial resources，and lowering information asymmetry.Further analysis indicates that for enterprises with longer listing histories and lower regional financial development levels，the effect of regional fintech development in alleviating SMEs’ financing constraints is even more pronounced. |
| Key words: Key words：Fintech；Financing Constraints；Cost of Financing；Financial Mismatch；Information Asymmetry |
