Digital financial inclusion and corporate investment efficiency: Evidence from small- and medium-sized enterprises in China

被引：1

作者：

Ma, Yong ^{[1
,3
]}

Jiang, Yiqing ^{[2
]}

机构：

[1] Renmin Univ China, China Financial Policy Res Ctr, Sch Finance, Beijing, Peoples R China

[2] Renmin Univ China, Sch Finance, Beijing, Peoples R China

[3] Renmin Univ China, Sch Finance, 59 Zhong Guan Cun St, Beijing 100872, Peoples R China

来源：

REVIEW OF DEVELOPMENT ECONOMICS | 2024年 / 28卷 / 03期

关键词：

corporate investment efficiency; digital financial inclusion; underinvestment; AGENCY COSTS; FIRMS; CONSTRAINTS; INFORMATION;

D O I：

10.1111/rode.13089

中图分类号：

F0 [经济学]; F1 [世界各国经济概况、经济史、经济地理]; C [社会科学总论];

学科分类号：

0201 ; 020105 ; 03 ; 0303 ;

摘要：

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.

引用

页码：929 / 957

页数：29

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