金融科技创新与缓解企业融资约束问题研究——基于金融科技指数测算与实证分析

金融科技进入快速发展轨道,为解决我国企业融资难提供了新的思路。本文选取2012-2018年我国除金融业、房地产业的沪深两市A股企业微观年度数据为研究样本,构建现金—现金流敏感性检验模型,分析了金融科技对融资约束的影响。研究结果表明:我国企业存在着不同程度的融资约束问题,金融科技可以有效缓解企业面临的融资约束。最后,从运用金融科技打造企业融资新生态、建立多层次的金融科技风险防范体系和重视金融科技产业的技术创新以及国际监管合作三个方面提出了相应的政策建议。

Research on Fintech Innovation and Alleviation of Corporate Financing Constraints——Based on financial technology index calculation and empirical analysis

Fintech has entered a rapid development track,providing new ideas for solving the financing difficulties of Chinese enterprises.This paper selects the micro-annual data of A-share companies in Shanghai and Shenzhen in 2012-2018 except for the financial industry and real estate industry as research samples,constructs a cash-cash flow sensitivity test model,and analyzes the impact of financial technology on financing constraints.The results of the research indicate that there are various levels of financing constraints in Chinese enterprises,and financial technology can effectively alleviate the financing constraints faced by enterprises.Finally,it proposes corresponding policy recommendations from three aspects:the use of fintech to create a new ecology for corporate financing,the establishment of a multi-level fintech risk prevention system,the emphasis on technological innovation in the fintech industry,and international regulatory cooperation.