Can digital financial technology relieve the financing constraints of private enterprises?

被引：0
|
作者：
Xie W. [1 ,2 ]
Wu H. [1 ]
Feng Y. [3 ]
机构：
[1] School of Accounting, Dongbei University of Finance and Economics, Dalian
[2] China Internal Control Research Center, Dongbei University of Finance and Economics, Dalian
[3] School of Economics, University of Chinese Academy of Social Sciences, Beijing
来源：
| 1600年 / Systems Engineering Society of China卷 / 41期
关键词：
Digital finance; Financing constraints; Private enterprises;
D O I：
10.12011/SETP2021-1522
中图分类号：
O29 [应用数学];
学科分类号：
070104 ;
摘要：
The financing constraints of private enterprises have always been one of the focal points of governments and academic circles. In recent years, digital finance has become an important engine for China's high-quality development. Whether digital finance can give full play to the advantages of technology enabling finance to alleviate financing constraints of private enterprises is the research issue of this paper. This paper conducts a quantitative empirical study on the relationship between digital finance and financing constraints of private enterprises by using the data of private listed companies in China from 2011 to 2018. The results show that digital finance significantly alleviates the financing constraints of private enterprises. Moreover, this paper finds that the impact of digital finance on financing constraints of private enterprises is more significant for enterprises with younger age, smaller scale and lower maturity. And digital finance can also improve the allocation efficiency of credit resources. Further mechanism analysis finds that the development of digital finance can alleviates the financing constraints of private enterprises by providing more adequate financial support, easing the information asymmetry and reducing the principal-agent cost. The research finding of this paper adds a new evidence to evaluate the economic consequences of digital finance in China, and also provides countermeasures to alleviate the financing difficulties of private enterprises. © 2021, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
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收藏
页码：3129 / 3146
页数：17
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