数字普惠金融对中小上市企业可持续发展的影响
The Impact of Digital Inclusive Finance on the Sustainable Development of Small- and Medium-Sized Listed Enterprises

中小企业一直是我国经济的命脉，但融资贵、融资难问题阻碍了它们的可持续发展。自2013年我国引入“普惠金融”概念后，国家政策使普惠金融转向数字化，目前已达到国际领先地位。相比于传统普惠金融，数字普惠金融具有定位精准、低成本、低门槛等特性，对于中小企业而言是一种福音。但是在学术界，关于数字普惠金融能否促进中小企业可持续发展的相关研究仍有一定的空缺。考虑到中小企业相关数据获取渠道有限、获取难度较大，且中小上市企业数据具有一定代表性，本文拟选取中小上市企业代表中小企业。因此，本文选取2011~2020年我国创业板上市公司非平衡面板数据，采用双向固定效应模型，旨在实证探究数字普惠金融的发展对中小上市企业可持续发展的影响以及机制。研究结论表明：数字普惠金融可以推动中小上市企业的可持续发展，且该促进作用受到地方经济实力的替代调节影响；同时，数字普惠金融的正向影响存在异质性，对于地方经济实力较弱、信息技术相关行业和非国有的中小上市企业而言影响更强。
Although SMEs (Small- and Medium-sized Enterprises) have always been the lifeblood of China’s economy, they have suffered from the problem of expensive financing and difficult financing, which has not been eradicated and will hinder their sustainable development. Since the official introduction of the concept of “Inclusive Finance” in China in 2013, with the strong support of national policies, Inclusive Finance has turned to the direction of digital development in China (Digital Inclusive Finance), and is now in a leading position in the world. Compared with traditional Inclusive Finance, Digital Inclusive Finance has the characteristics of accurate positioning, low cost and low threshold, which is helpful for SMEs. However, there are still some gaps in academic circles on whether digital inclusive finance can promote the sustainable development of SMEs. Considering that the relevant data of SMEs are limited and difficult to obtain, and the data of SMLEs (Small- and Medium-sized Listed Enterprises) are representative to some extent, this paper intends to select SMLEs to represent SMEs. Therefore, this paper selects unbalanced panel data of listed companies on China Growth Enterprise Market from 2011 to 2020 and adopts two-way fixed effect model to empirically explore the impact and mechanism of the development of Digital Inclusive Finance on the sustainable development of SMLEs. The results show that the development of Digital Inclusive Finance can significantly promote the sustainable development of SMLEs; The role of Digital Inclusive Finance in promoting the sustainable development of SMLEs is competitively influenced by the local economic strength. There is heterogeneity in the impact of Digital Inclusive Finance on the sustainable development of SMLEs; that is, the promotion effect is stronger for SMLEs with weak local economic strength, information technology-related industries and non-state-owned enterprises.