Inclusive Finance and the Financing Constraints of SMEs——Evidence from SMEs in China

Abstract

Abstract: Developing Inclusive Finance is a strategic choice for China's economic transformation and upgrading.Based on the data of the listed Companies in Small-and-Middle-Sized Enterprises Board and the survey of Chinese enterprises conducted by the World Bank, and from the perspective of endogenous financial theory,this paper studies the influence of Inclusive Finance on the financing constraints of SMEs from two aspects of the traditional Inclusive Finance and the digital Inclusive Finance. The findings are as follows: the development of Inclusive Finance can alleviate the financing constraints of SMEs;the economic development level and the legal environment are the important factors restricting the inclusive finance from relieving the financing constraints of SMEs. Under the environment of a high level of economic development and a good legal system, the development of the Inclusive Finance can significantly improve the availability of financing for SMEs and alleviate the financing constraints.

Key words: Inclusive Finance, SMEs, Financing Constraints, Entropy－correlation Degree

摘要： 发展普惠金融是我国经济转型升级的战略选择。文章基于内生金融理论视角,利用中国中小企业板上市公司和世界银行中国企业调查数据,从传统普惠金融和数字普惠金融两个层面,考察了普惠金融对中小微企业融资约束的影响。研究结果发现:发展普惠金融能够缓解中小微企业融资约束;经济发展水平和法律制度环境是制约普惠金融缓解中小微企业融资约束的重要因素,较高的经济发展水平和良好的法律制度环境下,发展普惠金融能够显著提高中小微企业融资可得性,缓解融资约束。

关键词: 中小微企业, 融资约束, 熵值-关联度

CLC Number:

F832.1

ZOU Wei, LING Jianghuai. Inclusive Finance and the Financing Constraints of SMEs——Evidence from SMEs in China[J]. , 2018, 34(6): 34-45.

邹伟, 凌江怀. 普惠金融与中小微企业融资约束——来自中国中小微企业的经验证据[J]. 财经论丛, 2018, 34(6): 34-45.

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