{"title":"数字普惠金融与企业投资效率:来自中国中小企业的证据","authors":"Yong Ma, Yiqing Jiang","doi":"10.1111/rode.13089","DOIUrl":null,"url":null,"abstract":"This study investigates the influence of digital financial inclusion (DFI) on the investment efficiency of small‐ and medium‐sized enterprises (SMEs) in China. Employing a dataset of listed National Equities Exchange and Quotations firms over the period from 2011 to 2020, we find robust evidence that the development of DFI improves the investment efficiency of underinvested SMEs. However, no such effect is observed for overinvested SMEs. The mechanism analysis indicates that DFI can mitigate the underinvestment problem of SMEs by restraining their risk‐taking behaviors and easing their financial constraints. Furthermore, we find that the positive effect of DFI on underinvestment is more pronounced for SMEs with weaker financial statuses or in less competitive industries.","PeriodicalId":507769,"journal":{"name":"Review of Development Economics","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Digital financial inclusion and corporate investment efficiency: Evidence from small‐ and medium‐sized enterprises in China\",\"authors\":\"Yong Ma, Yiqing Jiang\",\"doi\":\"10.1111/rode.13089\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study investigates the influence of digital financial inclusion (DFI) on the investment efficiency of small‐ and medium‐sized enterprises (SMEs) in China. Employing a dataset of listed National Equities Exchange and Quotations firms over the period from 2011 to 2020, we find robust evidence that the development of DFI improves the investment efficiency of underinvested SMEs. However, no such effect is observed for overinvested SMEs. The mechanism analysis indicates that DFI can mitigate the underinvestment problem of SMEs by restraining their risk‐taking behaviors and easing their financial constraints. Furthermore, we find that the positive effect of DFI on underinvestment is more pronounced for SMEs with weaker financial statuses or in less competitive industries.\",\"PeriodicalId\":507769,\"journal\":{\"name\":\"Review of Development Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2024-01-18\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Development Economics\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1111/rode.13089\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Development Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/rode.13089","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Digital financial inclusion and corporate investment efficiency: Evidence from small‐ and medium‐sized enterprises in China
This study investigates the influence of digital financial inclusion (DFI) on the investment efficiency of small‐ and medium‐sized enterprises (SMEs) in China. Employing a dataset of listed National Equities Exchange and Quotations firms over the period from 2011 to 2020, we find robust evidence that the development of DFI improves the investment efficiency of underinvested SMEs. However, no such effect is observed for overinvested SMEs. The mechanism analysis indicates that DFI can mitigate the underinvestment problem of SMEs by restraining their risk‐taking behaviors and easing their financial constraints. Furthermore, we find that the positive effect of DFI on underinvestment is more pronounced for SMEs with weaker financial statuses or in less competitive industries.