핀테크 확산이 중국 중소기업의 재무제약과 경영성과에 미치는 영향 = The effect of fintech development on financial constraints and performance of SMEs in China
Technologies has effectively promoted the development and transformation of finance with the continuous improvement of big data, artificial intelligence, blockchain, cloud computing and 5G, In the context of the continuous improvement of science and technology. The development of fintech provides stable and strong technical support for the expansion of the coverage and reach of financial products and services, broadens the scope of financial services through P2P lending, supply chain finance, equity crowdfunding, etc., and reduces the cost of financial services, alleviating the asymmetry of information between the supply and demand of funds. China's SMEs are small and difficult to develop only by relying on their own funds. Therefore, the development of most SMEs must rely on external funds. However, when obtaining external financing, SMEs often face higher costs and strict constraints, Resulting in limited corporate development, which is not conducive to the improvement of corporate performance. Therefore, compared with traditional finance, fintech can provide SMEs with more diversified financial services by virtue of its technological advantages. By broadening financing channels, reducing financing costs, and improving financing efficiency, SMEs can improve their performance and achieve sustainability.
Through the analysis of long tail theory, information asymmetry theory, financial accelerator theory and pecking order theory, this paper analyzes the impact mechanism of fintech development on the performance of SMEs with financing constraints. The paper proposes three hypotheses: Hypotheses 1, according to the characteristics of enterprises, there are differences between financing constraints and corporate performance. Hypotheses 2, Fintech Index has an impact on financing constraints. Hypotheses 3, Fintech Index and financing constraints have an impact on corporate performance. The paper selects the balanced panel data of 558 listed companies on the SME board in China from 2013 to 2018, using the Peking University Fintech Index provincial-level total index "INDEX", the breadth of coverage index "CVO", the depth of use index "DEPTH", and the digital degree index "DIGIT" Representing the level of fintech development, measuring corporate performance with "ROA" and corporate growth with "Grow", using multiple regressions to test the impact of fintech development on SME financing constraints and corporate performance. The specific analysis results are as follows:
First, the difference analysis of the characteristics, financial constraints and operating results of the firm shows that there are significant differences on the whole. Especially from the perspective of regional differences, the Fintech Index "Index", "CVO" and "Depth" in eastern China are more developed than those in central and western China, and the financing constraint "FC" in central and western China is more obvious. There was no difference in corporate performance between "ROA" and "Grow" regions. In addition, according to the difference analysis results of ownership nature, that is, state-owned enterprises or non-state-owned enterprises, the ratio of Fintech Index "Index", "CVO" and "Depth" to non-state-owned enterprises is significantly higher than that of state-owned enterprises. According to the difference analysis results of manufacturing or non-manufacturing enterprises, except for "Digit", the ratio of "non-manufacturing" enterprises is higher than that of "manufacturing" enterprises in the Fintech Index, and there is no significant difference in financing constraint "FC". The ratio of corporate performance "ROA" of manufacturing enterprises is higher than that of non-manufacturing enterprises, while "Grow" non-manufacturing enterprises is more meaningful. Second, the results of the analysis on the influencing factors of the Fintech Index on the financial constraints of SMEs show that the characteristic variables of enterprises have a significant impact on the whole, and the Fintech Index has a negative (-) significant impact on the whole. Third, the influence of "ROA" and "Grow" on the business results. Hypothesis 3-1: The analysis results show that, on the whole, the characteristic variables of an enterprise have a significant influence on the "ROA" and "Grow" of the enterprise's operating results. Hypothesis 3-2: The results show that the overall Fintech Index has a significant impact on corporate performance, with "Digit" variables having a meaningful impact on "ROA" and "Index" and "Digit" variables having a meaningful impact on "Grow". Hypothesis 3-3: The analysis results show that, overall, the interaction between Fintech Index and financing constraints has no significant impact on corporate performance, and only "FC * Index" and "FC * Digit" have a meaningful impact on "ROA".
The paper demonstrates that China's SMEs financing constraints are obvious, the development of fintech has eased the financing constraints of SMEs. Fintech is believed to be a key factor for the improvement of the performance of Chinese SMEs in the near future although it has not had a direct impact on performance in its early stage. The conclusions of this paper are as follows: First, improving the fintech system to further ease the financing constraints of SMEs. Second, strengthening the regulation of fintech to avoid its "negative" impact on SMEs. Third, comprehensively promoting the innovative development of fintech to improve the performance of SMEs.
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