Fintech,banking Structure And Sme Financing

China’s economy has entered an important transition period,it is of great significance to protect and improve the service system of small and medium-sized enterprises(SME).However,due to historical reasons and special financial market system,the financing needs of SME in China is difficult to satisfy for a long time,which has seriously inhibited the development of SME.Due to the unique advantages in alleviating information asymmetry,relationship lending was considered as one of the effective methods to solve the problem of SME financing.With the advancement of informatization construction in recent years,computer technology has made revolutionary breakthrough,big data,block chain,artificial intelligence and other cutting-edge technologies grew rapidly,these technologies,with their permeability and advanced nature,are deeply integrated with financial businesses.Technology not only reshaped the traditional financial system,but also created a new concept:Fintech.As the driving force guiding financial transformation,fintech is expected to promote finance serve the real economy.On the one hand,fintech provides new opportunities for the transformation and upgrading of banks.On the other hand,the rise of fintech company has seriously squeezed the business of commercial banks.The reshaping of traditional financial industry is bound to affect SME which take banks as the main source of credit.Therefore,study the influence mechanism of fintech from the perspective of loan technology is conducive to understand the role of information in credit rationing,which has practical policy significance to alleviate the financing constraints and promote the high-quality development of national economy.On the basis of elaborating the meaning of corporate financing and fintech,this paper reviews the relevant literatures of relationship lending and fintech,sorts out the influence mechanism of bank and internet by differentiating fintech subjects,and puts forward corresponding hypotheses.This paper uses the bank loan data of listed enterprises on the SME Board from 2011 to 2020,constructing fintech development indicators of banks and internet finance through Python web crawler and Peking University Digital Financial Inclusion Index.By integrating Internet finance,banks and enterprises into the same research framework,this paper empirically examines the impact of fintech development on relationship financing of SME,tests the role of banking structure,verifies the mediating and moderating effects of risk control and industry competition.According to the empirical regression results,this paper summaries the following conclusions:First,fintech can not only improve the information capacity of banks to promote the issuance of relationship loans,but also promote the rational allocation of credit resources by optimizing bank’s risk control.Second,internet fintech promotes bank-enterprise relationship lending by squeezing banking business.The strength of this effect depends on the level of competition in the local banking industry.Third,fintech have a greater impact on enterprises with high information quality and areas with developed information construction.In order to give full play to the role of fintech in promoting corporate financing,first of all,commercial banks should accelerate digital transformation and development,actively promote the development of fintech,and make full use of information elements.Second,the government should balance the relationship between regulation and innovation,regulate the development of internet fintech,and guide inclusive finance to serve the society.Third,the government should strengthen enterprise information supervision and promote the development of SME information system.Finally,the government should formulate differentiated information development strategy.On the one hand,it should increase the support for information construction in underdeveloped areas;On the other hand,in developed areas,it should strengthen and improve the information construction and guide the development of fintech in the direction of standardization and high quality.Through empirical and theoretical analysis,the conclusion of this paper enriches the research results of relationship lending and fintech in theory,and puts forward feasible suggestions for alleviating the financing dilemma of SME and guiding the development of fintech in practice.