网络通达、金融发展与企业融资费用研究

鉴于“新基建”和“降成本”的现实背景，选取2000—2018年中国31个省级数据实证分析区域网络通达、金融发展与企业融资费用的影响关系。研究发现，区域交通网络通达与金融发展呈正相关，通信网络通达与金融发展呈负相关且通信网络硬件建设与金融发展存在倒U型关系，区域金融发展与企业融资费用呈负相关。在金融发展约束下，区域交通网络通达与企业融资费用呈负相关，通信网络通达对企业融资费用影响具有长短期不一致性，通信网络硬件建设短期内对企业融资具有挤出效应，通信网络软性使用长期对企业融资具有间接竞争加剧效应。网络通达下技术创新与企业融资费用呈负相关且存在倒U型关系。各地区推进新型基础建设投资和降成本中需注意“挤出效应”和“拐点效应”的长短期影响。

Research on Internet Access,Financial Constraint and Corporate Financing Expenses

In view of the reality of “new infrastructure” and “cost reduction”, this paper selects 31 provincial data of China from 2000 to 2018 to empirically analyze the impact of regional network access, financial development and corporate financing costs. The results show that: first, there is a positive correlation between the accessibility of regional transportation networks and financial development, but a negative correlation between the accessibility of communication networks with financial development, i.e. the hardware construction of regional communication network is positively correlated with financial development, and there is an inverted U-shaped relationship between the two, while the use level of communication network software is negatively correlated with financial development. Second, there is a negative correlation between the regional financial development with corporate financing expenses. Third, there is a negative correlation between regional transportation network access with corporate financing expenses, and a long term and short-term inconsistency in the impact of communication network access on corporate financing expenses based on the financial development constraints. The hardware construction of communication network has a squeezing-out effect on corporate financing in the short term, and the soft usage of communication network has an indirect competition effect on corporate financing in the long run. There is a negative correlation between technological innovation and enterprise financing cost under network access, and there is an inverted U-shaped relationship. It is necessary to pay attention to the short-term and long-term effects in promoting new-type infrastructure investment and cost reduction.