期刊
EMERGING MARKETS FINANCE AND TRADE
卷 58, 期 6, 页码 1712-1725出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2021.1923477
关键词
Local banks; digital financial inclusion; financing constraints; SMEs; China
资金
- Natural Science Fund of Zhejiang Province, China [LY19G030011]
- National Social Science Fund of China [16CJY073]
- K.C. Wong Magna Fund in Ningbo University
The study finds that local banks and digital financial inclusion can help alleviate SMEs' financing constraints, especially for small, transparent firms located in regions less dependent on bank credit. Digital finance technologies will have far-reaching implications on traditional SME-bank relationships, with important policy and managerial implications.
This paper investigates the impact of local banks and digital financial inclusion on Small and Medium-sized Enterprise (SME) financing constraints. Using data from Chinese SMEs for the period 2007-2017, our robust results find that (1) SMEs' financing constraints are negatively associated with the proportion of local bank branches and the degree of digital financial inclusion; (2) the effect of local banks is more pronounced for firms which are small, transparent, and located in the regions less dependent on bank credit; and (3) local bank branches and digital financial inclusion have a substitution effect on alleviating SMEs' financial constraints. The findings shed light on how digital finance technologies could influence traditional SME-bank relationships and have important policy and managerial implications.
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