| With the development and evolution of economy and finance,a financial system dominated by commercial banks has been formed in our country.The corporate external financing mainly depends on indirect financing methods such as bank credit.However,credit financing has the dilemma of unsmooth connection between capital supply and financing demand when serving the real economy for a long time.As a result,many enterprises are faced with the problems of "financing difficulty" such as large financing gap,difficulty in obtaining financing,unreasonable financing term structure or high financing risk,which has become an important shackle that hinders the healthy and sustainable development of enterprises and restricts the high-quality development of the whole economy and the improvement of the financial system.In recent years,the development of Fin Tech has promoted the intelligent and digital transformation of financial institutions,innovated credit business processes and models,widened the time and space boundaries of traditional financial services,and created new favorable conditions for financial services to the real economy.Fin Tech can effectively reduce the information asymmetry between the two parties in the transaction,thus alleviating the problems of adverse selection and moral hazard.It can provide strong technical support for banks and other financial institutions to support the incremental effect of enterprises’ credit financing.Therefore,a systematic study of the logical relationship between the "new wave" of Fin Tech development and the "old problem" of corporate financing has important reference significance for corporate financing optimization and risk management.It can provide new ideas for the digital transformation of financial institutions such as banks,provide micro basis for Fin Tech to boost the development of the real economy,and also help to provide policy reference for the financial system to "hold the bottom line without systemic financial risks".Therefore,based on the current situation and future trend of China’s corporate financing and Fin Tech development,this paper intends to systematically and deeply investigate the impact of Fin Tech development on enterprises’ credit financing.Specifically,the research focuses on the following issues: Firstly,will Fin Tech affect enterprises’ credit financing? Secondly,what is the mechanism of Fin Tech’s role in enterprises’ credit financing? Thirdly,is there any difference in the impact of Fin Tech on corporate financing under different macroeconomic conditions and different corporate characteristics? Fourthly,what impact does the role of Fin Tech in corporate financing have on the further development of enterprises? Fifthly,how should Fin Tech be promoted to better serve corporate financing? In order to solve the above problems,this paper starts from the three perspectives of availability of financing scale,financing term structure and financing risk,and analyzes the mechanism of Fin Tech affecting enterprises’ credit financing by constructing theoretical model and empirical test.First of all,this paper constructs a theoretical analysis framework of the impact of Fin Tech on enterprises’ credit financing.Based on the existing literatures,this paper redefines the category of Fin Tech,combs the current development status and existing problems of Fin Tech and corporate financing in China,explains the influence mechanism of factors such as capital demand side,capital supply side and financial ecological environment on corporate financing,and further puts forward possible paths and channels for Fin Tech to affect enterprises’ credit financing.Then,based on the theory of information asymmetry,this paper constructs a two-sector model with enterprises and banks,and deduces the mechanism of Fin Tech on enterprises’ credit financing from the theoretical level.Secondly,considering the availability of datas and the "all-channel" financing sources owned by listed companies,this paper empirically tests the relationship between Fin Tech and the availability of corporate financing scale based on China’s urban Fin Tech development index from 2010 to 2019 and the panel datas of A-share listed companies.Empirical analysis draws the following conclusions: on the whole,there is a significant positive correlation between Fin Tech and corporate financing availability.Fin Tech will affect corporate financing availability through information screening mechanism and cost optimization mechanism.From the perspective of heterogeneity analysis,Fin Tech has a more significant effect on improving the financing availability of small and medium-sized enterprises and enterprises without financial background that are at a financing disadvantage.At the same time,when the degree of local credit marketization is high and the financial cycle is upward,Fintech plays a stronger role in easing the liquidity shortage dilemma of enterprises.Further research finds that the improvement in financing availability brought by Fin Tech can inhibit the financialization of enterprises,promote the investment and innovation research and development of enterprises,and thus improve the problem of "being diverted out of the real economy " of enterprises.Thirdly,on the basis of the research on the availability of financing scale,this paper further investigates the effect of Fin Tech on the improvement of corporate financing term structure.Through empirical analysis,it is found that the development of Fin Tech has a significant positive impact on the proportion of long-term enterprises’ credit financing.Fin Tech will affect the financing term structure of enterprises through the financing constraint mitigation mechanism.From the perspective of heterogeneity analysis,the long-term credit enhancement effect of Fintech is more obvious for small-scale enterprises with low information transparency and innovative enterprises.Further research shows that the development of Fin Tech has increased the proportion of long-term credit financing for enterprises and relieved the pressure of insufficient funds for enterprises’ long-term investment,thus helping to reduce the "short-term loan and long-term investment" behavior of enterprises.Fourthly,this paper continues to further explore the impact mechanism of Fin Tech on corporate financing risk.Through empirical research,this paper finds that there is a significant negative correlation between the Fin Tech and the financing risk of enterprises.Fin Tech will affect the financing risk of enterprises through risk supervision mechanism and investment smoothing mechanism..From the perspective of heterogeneity analysis,Fintech is more effective in inhibiting the risks of private enterprises,enterprises in their growth and maturity stages,and enterprises with low corporate governance and low internal control quality.The expansionary analysis found that the increase in the volatility of corporate equity,debt and assets would strengthen the inhibition of Fin Tech on financing risk,while corporate long-term credit dependence would weaken the mitigation effect of Fin Tech on financing risk.Finally,based on the above main research conclusions,this paper combined with the actual situation of our country,put forward the corresponding policy recommendations from four aspects: financial institutions,micro-enterprises,macro-control and financial supervision.Firstly,financial institutions should vigorously promote the digital transformation of financial institutions and optimize the allocation of financial resources Secondly,micro-enterprises should strengthen and improve the talents and software and hardware supporting related to Fin Tech,and make full use of Fin Tech to ease the external financing constraints of enterprises.Thirdly,the macro-control authorities should give preferential policies related to Fin Tech,optimize the macro-environment and provide the institutional basis for enterprises’ credit financing.Fourthly,the financial regulatory authorities should establish a long-term mechanism for supervising Fin Tech to reduce the financial risks of Fin Tech servicing enterprises. |
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