Mechanism and Effect Test of Fintech Alleviating Financing Constraints of Small and Micro Enterprises

Abstract

This article takes small and micro enterprises in Beijing from 2011 to 2023 as a sample, and uses OLS benchmark regression, heterogeneity analysis, interaction effect model and multi-dimensional robustness test to explore the impact of financial technology on short-term loans of small and micro enterprises and the adjustment of the impact of the epidemic effect. The research finds that fintech has a significant positive impact on short-term loans to small and micro enterprises. For every 1-unit increase in the digital inclusive finance index, the logarithmic scale of short-term loans will increases by 0.004 units (approximately 0.4%), forming a synergistic improvement effect of “scale, cost and availability”. The epidemic has significantly strengthened this effect. During this period, the promoting effect of fintech was three times that before the epidemic, and the marginal effect of the interaction term coefficient verification increased by an additional 0.007 units. The impact of fintech on different financing indicators is heterogeneous, and its promoting effect on short-term loan scale is more significant. The effect is released through the multi-dimensional synergy of coverage breadth, use depth and digitalization level. Finally, policy suggestions are put forward from the aspects of the development of digital inclusive finance and the construction of impact response mechanisms.