HOW DOES FINTECH DEVELOPMENT AFFECT FINANCING CONSTRAINTS OF SMES? EVIDENCE FROM CHINA
DOI:
https://doi.org/10.2478/eoik-2024-0031Keywords:
–Fintech, financing constraints, two-way FE model, cash flow sensitivity of cash modelAbstract
Small and medium-sized enterprises (SMEs) play an indispensable
role in China’s economy through making huge contributions to GDP,
national employment, financial innovation and government taxation.
However, SMEs in China have long faced financing constraints due
to their inherent problems, such as financial information asymmetry,
immature governance mechanisms, and lack of collateral under the
traditional financial system, which have hindered their long-term de-
velopment. In recent years, financial technology (Fintech) has entered
a rapid development track, especially in China, providing new ideas
and methods for solving the financing difficulties of SMEs from a
technical perspective. In order to examine this, this paper measures
the degree of financing constraints through the cash flow sensitivi-
ty of cash model and explores how the Fintech development affects
financing constraints of SMEs in China and how this impact further
communicated to the performance and the risks of SMEs by adopting
two-way fixed effects models. The results show that Fintech could al-
leviate the financing constraints of SMEs. Furthermore, the mediating
role of ownership is identified, presenting a better mitigating effect
of Fintech on the financing constraints for private SMEs. In addition,
both the performance and the risks of SMEs showed the upward sin-
gle-sided U-shaped relationship with the increase of the Fintech de-
velopment index, which indicates that Fintech could amplify perfor-
mance while magnifying the risks of SMEs. The findings of this paper
offer an important implication for China that regulatory authorities
should consider and balance the financing constraint mitigation effect
and risk amplification effect of Fintech.
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