Research On Digital Transformation Of Commercial Banks And Financing Of SMEs

The digital transformation of the financial industry is transforming financial services.At present,digital transformation has become a general consensus of the banking industry,and it is also a trend of the banking industry for commercial banks to serve the financing of SMEs through digital transformation.However,the theoretical system of the digital transformation of commercial banks to promote the financing of SMEs is not perfect enough,and there is a lack of multidimensional in-depth investigation from the level of enterprises themselves,banks and policies.Therefore,this thesis focuses on some key issues related to the digital transformation of commercial banks and the financing of SMEs,constructs the theoretical framework and measurement model of the impact of digital transformation of commercial banks on the financing of SMEs from the perspectives of capital demand,capital supply and capital policy,and conducts empirical tests.Finally,it focuses on the digital transformation of commercial banks to promote the financing of SMEs.The first question is whether the digital transformation of commercial banks can ease the financing constraints of SMEs? Does the digital transformation of commercial banks alleviate the financing constraints of SMEs through such transmission channels as corporate information transparency,mortgaged assets,financing structure and financing cost? This part empirically tests the impact of commercial banks’ digital transformation on SMEs’ financing constraints and its transmission mechanism by building a cash-cash flow sensitivity model.The results show that the digital transformation of commercial banks will significantly reduce the cash-cash flow sensitivity of SMEs and ease their financing constraints,and with the improvement of the digital transformation level of commercial banks,the financing constraints of SMEs will be more significantly alleviated.The impact of the digital transformation of commercial banks on the financing constraints of SMEs is heterogeneous among enterprises with different property rights,R&D intensity and external financing dependence,which can significantly alleviate the financing constraints of private enterprises,enterprises with high R&D intensity and enterprises with high external financing dependence.The digital transformation of commercial banks will play a partial intermediary role in the process of easing the financing constraints of SMEs by improving the transparency of corporate information and reducing the importance of corporate mortgage assets.Its policy implications lie in guiding the digital transformation of commercial banks to establish a correct value orientation,establishing a sound system and mechanism to adapt to the digital transformation of commercial banks,and promoting the digital transformation of commercial banks to alleviate the financing problems of small and medium-sized enterprises.The second question is whether the digital transformation of commercial banks can improve the availability of credit financing for SMEs? Will the digital transformation of commercial banks affect the effects of banking governance such as financial regulation and financial competition on the availability of credit financing for SMEs? This part focuses on the impact of the digital transformation of commercial banks on the availability of credit financing for SMEs and the role of banking governance.The results show that the digital transformation of commercial banks can significantly improve the availability of credit and financing for SMEs,and enhance the inclusiveness of financial services for SMEs;The relationship between banking governance represented by financial regulation and financial competition and the availability of credit financing for SMEs presents a nonlinear "inverted U" shape,that is,there is an optimal intensity of financial regulation and the degree of financial competition,which optimizes the availability of credit financing for SMEs.In the process of banking governance affecting the availability of credit and financing for SMEs,the digital transformation of commercial banks will have an impact on the optimal financial supervision intensity and financial competition degree to promote the optimization of the availability of credit and financing for SMEs,that is,the higher the level of digital transformation of commercial banks,The higher the optimal financial supervision intensity and the degree of financial competition to promote the optimization of the availability of credit financing for SMEs.Its policy implication is that it is necessary to build a "livable zone" of financial supervision conducive to the digital transformation of commercial banks,establish a good financial competitive environment conducive to the digital transformation of commercial banks,gather the joint force of the digital transformation of commercial banks and the optimization and improvement of banking governance,and guide commercial banks to serve the financing of small and medium-sized enterprises through digital transformation.The third question is,can the digital transformation of commercial banks improve the financing effect of SMEs under the transmission of monetary policy? Can the impact of the digital transformation of commercial banks on the financing effect of SMEs under the transmission of monetary policy be realized through bank risk taking? This part focuses on the impact of digital transformation of commercial banks on the financing effect of small and medium-sized enterprises under the transmission of monetary policy and the role of bank risk taking.The research results show that the digital transformation of commercial banks can significantly improve the financing effect of SMEs under the transmission of monetary policy,and promote the supply of bank loans and loan interest rates of SMEs to adapt to the regulatory objectives of monetary policy.The heterogeneity test shows that the impact of digital transformation of commercial banks on the financing effect of SMEs under the transmission of monetary policy presents heterogeneity among enterprises with different property rights and growth,and regions with different marketization degrees and financial development levels.Moreover,the strengthening effect on the financing effect of small and medium-sized enterprises is more obvious in private enterprises,high-growth enterprises,and enterprises in areas with a higher degree of marketization and low level of financial development.The mechanism test shows that the strengthening effect of the digital transformation of commercial banks on the financing effect of small and medium-sized enterprises under the transmission of monetary policy is realized through affecting the risk taking of banks.Its policy implications are that the monetary policy framework mechanism should be continuously improved,the digital transformation of commercial banks should play an important role in the smooth transmission of monetary policy,price stability and financial stability should be taken as the policy objectives of monetary policy regulation,and the digital transformation of commercial banks should be promoted to improve the financing effect of SMEs under the transmission of monetary policy.The innovations of this thesis are: First,from the perspective of capital demand,capital supply and capital policy,the thesis focuses on the relationship between the digital transformation of commercial banks and the financing constraints of SMEs,the availability of credit and financing for SMEs,and the financing effect of SMEs.At the enterprise level,micro-mechanisms such as corporate information transparency and the importance of mortgaged assets are considered.At the bank level,the influence of bank governance factors such as financial regulation and financial competition is considered.At the policy level,the influence of digital transformation of commercial banks on the financing effect of SMEs under different types of monetary policy transmission is considered.The second is to introduce the digital transformation of commercial banks on the basis of traditional theories,focusing on the impact of the digital transformation of commercial banks on the financing constraints of SMEs and the availability of credit financing,as well as the impact of the digital transformation of commercial banks on the financing effects of SMEs under the transmission of monetary policy.The micro transmission mechanism,industry governance constraints and policy transmission mechanism of commercial banks’ digital transformation affecting SME financing are discussed within a specific framework,and the direction of commercial banks’ digital transformation in the future is further discussed.The third is a systematic summary of the current digital transformation of commercial banks and the financing of SMEs,and puts forward policy suggestions from the aspects of promoting the digital transformation of commercial banks,strengthening banking governance,and improving monetary policy regulation,so as to provide references for further promoting the digital transformation of commercial banks to help alleviate the financing problems of SMEs.