Research On The Influence Of Fintech On Credit Financing Of Smes

Due to their innate nature,small and medium-sized enterprises(SMEs)in China have long been subject to credit financing constraints,which are mainly characterized by “difficult financing and high financing costs”.While “difficult financing and high financing costs” are mainly reflected in the high credit financing costs of SMEs and the strict requirements for mortgage and pledge guarantees.Although the relationship lending can alleviate the financing difficulties of SMEs to a certain extent,it is still unable to effectively solve the situation of high credit financing costs and strict requirements for mortgage and pledge guarantees for SMEs owning to the high transaction costs and other reasons.The development of fintech has brought a new idea for breaking the financing constraints of SMEs.So it is particularly urgent to study the impact mechanism and improvement path of the fintech on the credit financing conditions of SMEs.Based on the above background,the thesis is based on Information Asymmetry Theory,Pecking Order Theory,Relationship Lending Theory and Transaction Cost Theory,to explore the impact of fintech on the credit financing costs and guarantee requirements of SMEs,and the intermediary role of bank-firm relationship.Firstly,the thesis sorts out the relevant researches on SMEs financing,fintech and relationship lending at home and abroad.Secondly,it analyzes the financing dilemma of SMEs in China and the mathematical principle of fintech on alleviating the financing dilemma of SMEs.Combined with the analysis of the mechanism of fintech on SMEs financing and relationship lending,hypotheses about the relationship among fintech,bank-firm relationship,and credit financing costs and credit loan rates of SMEs are put forward.Then,we build a measurement model of bank-firm relationship,hypothetical test models of the relationship of fintech and SMEs credit financing conditions,and an intermediary mechanism model of bank-enterprise relationship.Finally,a total of 2845company-year data of 562 SMEs from 2011 to 2020 were collected for SMEs listed on the SME Board and Chi Next of China.With the help of Stata15.1 statistical tools and multiple linear regression analysis,the above five hypotheses were tested one by one.The following conclusions are drawn through the research.Firstly,the development of fintech has a significant role in reducing the cost of credit financing for SMEs,which shows differences in ownership and scale.And fintech can effectively alleviate “ownership discrimination” and “price discrimination” in Chinese credit market.Secondly,the development of fintech has a significant role in promoting the proportion of SMEs in credit loans.Thirdly,bank-firm relationship plays an intermediary role in the impact of fintech on financing cost and credit loan rate of SMEs.On the above basis,the thesis makes recommendations to alleviate the financing constraints of SMEs from four aspects: Improve the level of development and application of fintech,improve the credit and credit environment of SMEs,simplify the credit process of SMEs,and improve the financial management system of SMEs.