政治关联、数字金融与融资约束——来自科技型中小企业的证据

以2011—2018年中小板、创业板上市的216家企业为样本,采用现金-现金流敏感性模型,研究政治关联、数字金融与科技型中小企业融资约束之间的关系.结果表明,科技型中小企业普遍存在较为严重的融资约束,政治关联和数字金融发展均缓解了科技型中小企业的融资约束,而且数字金融的发展缩小了政治关联造成的融资差异,在无政治关联样本中显示出更强的融资约束缓解作用.

Political Connections,Digital Finance and Financing Constraints: The evidence from technology-based SMEs

Using the cash- cash flow sensitivity model ,the relationship between political association, digital finance and the financing constraints was investigated by the data of 216 enterprises from 2011 to 2018 listed on the SME board and Growth Enterprise Board .The results show that the financial constraints on technology-based SMEs are common,political connections and digital finance development have ease the financing constraints of technology-based SMEs,Moreover, the development of digital finance narrows the difference in financing caused by political connections, showing stronger easing effect on financing constraints in the non-political connections sample.