金融科技与中小微企业信贷获取——基于新三板企业的实证研究

中小微企业融资难、融资贵是世界性难题，银行信贷融资是其外部融资的重要来源，但目前过低的融资规模制约了其缓解融资难的有效发挥，如何提升中小微企业的银行信贷融资成为学术界的研究难点。金融科技的迅猛发展是否对解决该难点有所助益？本文以2011—2020年新三板企业为样本对该问题进行考察，研究发现：(1)金融科技能显著提升中小微企业信贷资源获取，该结论在考虑内生性和稳健性检验后依然成立；(2)机制分析表明，金融科技能够通过降低信息不对称、促进商业信用融资以及加剧银行业竞争等渠道显著促进中小微企业的信贷获取；(3)异质性分析表明，金融科技对信贷获取的促进作用在货币政策紧缩时期、信用环境较差地区、中西部地区、融资约束较高、产权性质为非国有以及抵押能力较弱的企业中表现得更加明显；(4)进一步研究表明，金融科技能够降低借贷成本；相对于短信贷期限结构企业，金融科技对于长信贷期限结构企业的正向影响更为明显。本文的研究结论支持了金融科技的长尾效应和普惠性，也为中小微企业获取更多信贷资源，缓解融资难题提供了有效路径。

Fintech and bank credit Access for SME : Empirical Research from Chinese NEEQ-Listed Companies

It is a worldwide problem that financing is difficult and expensive for micro, small and medium-sized enterprises. Bank credit financing is an important source of external financing. However, the current low financing scale restricts its effective play in alleviating financing difficulties. Does the rapid development of fintech help solve this difficulty? This paper studies this problem with the sample of New Third Board enterprises from 2011 to 2020. The empirical findings are as follows: (1) Fintech can significantly improve the access to credit resources for SME, and this conclusion remains valid after considering the endogeneity and robustness tests. (2) Mechanism analysis shows that fintech can significantly promote the credit access of SME by reducing information asymmetry, improving commercial credit financing and intensifying banking competition. (3) Heterogeneity analysis shows that the promoting effect of fintech on credit access is more obvious in the period of monetary policy tightening, regions with poor credit environment, central and western regions, high financing constraints, non-state-owned enterprises and enterprises with weak mortgage ability. (4) Further analysis shows that fintech can reduce borrowing costs; Compared with enterprises with short credit maturity structure, fintech has a more obvious positive impact on enterprises with long credit maturity structure. The research conclusions of this paper support the long tail effect and universality of fintech, and also provide an effective way for small, medium and micro enterprises to obtain credit resources and alleviate financing difficulties.