解忧纾困：数字普惠金融如何促进中小企业数字化转型？——基于制度供给和资源供给双重效应的实证研究

摘要/Abstract

摘要： 数字普惠金融作为新兴金融业态，为完善多层次资本市场、促进中小企业创新和加快发展新质生产力提供新机遇。然而，鲜有研究系统关注数字普惠金融对中小企业数字化转型的影响及其过程机理。本文基于中小板与创业板上市的中小企业2012—2020年面板数据，从资源供给和制度供给的整合性视角出发，实证考察数字普惠金融-企业内外部融资约束-企业数字化转型之间的过程机制，以及市场环境和制度环境的权变影响。研究发现：数字普惠金融能够显著促进中小企业数字化转型，起到显著的解忧纾困作用；数字普惠金融具有资源供给和制度供给双重效应，能够有效缓解中小企业面临的内外部双重融资约束，从而促进企业的数字化转型；市场竞争强度会强化数字普惠金融的纾困价值，同时，企业所在地区制度环境越完善，数字普惠金融的赋能效应越显著。本文系统揭示数字普惠金融赋能中小企业数字化转型的过程机理和权变因素，对进一步释放数字普惠金融助力产业数字化智能化转型的红利、加快建设现代化产业体系提供实践启示。

关键词: 数字经济, 数字普惠金融, 企业数字化转型, 融资约束, 制度环境

Abstract: As an emerging financial innovation, digital inclusive finance provides new opportunities for improving the multi-tiered capital market, promoting the innovative development of small and medium-sized enterprises (SMEs) and accelerating the development of new quality productive forces. However, few studies systematically explore the impact of digital inclusive finance on the digital transformation of SMEs and its process mechanism. Based on the 2012—2020 panel data of SMEs listed on SME Board and ChiNext Market, this paper empirically examines the process mechanism between digital inclusive finance, firms’ internal and external financial constraints, and digital transformation, as well as the contingent impact of market environment and institutional environment from the perspective of the integration of resource and institutional provision. The findings are as follows: Digital inclusive finance significantly promotes the digital transformation of SMEs and plays a significant role in alleviating firms’ difficulties; Digital inclusive finance has the dual effects of resource provision and institutional provision, which can effectively alleviate the internal and external financing constraints faced by small and medium-sized enterprises, thus promoting the digital transformation of enterprises. The degree of market competition will strengthen the alleviating effect of digital inclusive finance, and the better the regional institutional environment, the more significant the enabling effect of digital inclusive finance. This paper systematically reveals the process mechanism and contingency factors of digital inclusive finance enabling the digital transformation of SMEs, and has important practical guiding significance for further releasing the dividends of digital inclusive finance helping with industrial digitalization and accelerating the development of modern industries.

Key words: digital economy, digital inclusive finance, digital transformation of enterprises, financing constraints, institutional environment

尹西明, 张姝馨, 李纪珍. 解忧纾困：数字普惠金融如何促进中小企业数字化转型？——基于制度供给和资源供给双重效应的实证研究[J]. 管理评论, 2026, 38(7): 3-15.

Yin Ximing, Zhang Shuxin, Li Jizhen. Relieving the Hardship: How does Digital Inclusive Finance Facilitates SMEs’ Digital Transformation?—An Empirical Study Based on the Dual Effects of Institutional and Resource Provision[J]. Management Review, 2026, 38(7): 3-15.

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