{"id":"https://openalex.org/W4406736675","doi":"https://doi.org/10.1080/00036846.2025.2453248","title":"How does digital finance affect financing constraints of SMEs? Evidence from China","display_name":"How does digital finance affect financing constraints of SMEs? Evidence from China","publication_year":2025,"publication_date":"2025-01-23","ids":{"openalex":"https://openalex.org/W4406736675","doi":"https://doi.org/10.1080/00036846.2025.2453248"},"language":"en","primary_location":{"id":"doi:10.1080/00036846.2025.2453248","doi":"https://doi.org/10.1080/00036846.2025.2453248","is_oa":false,"landing_page_url":"https://doi.org/10.1080/00036846.2025.2453248","pdf_url":null,"source":{"id":"https://openalex.org/S201533460","display_name":"Applied Economics","issn_l":"0003-6846","issn":["0003-6846","1466-4283"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5110837353","display_name":"Rui Hong Sun","orcid":"https://orcid.org/0009-0009-6108-6438","observed_orcids":["https://orcid.org/0009-0009-6108-6438"]},"institutions":[{"id":"https://openalex.org/I22716506","display_name":"Lanzhou University of Technology","ror":"https://ror.org/03panb555","country_code":"CN","type":"education","lineage":["https://openalex.org/I22716506"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Rui Sun","raw_affiliation_strings":["Lanzhou University of Technology","School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China"],"raw_orcid":"https://orcid.org/0009-0009-6108-6438","affiliations":[{"raw_affiliation_string":"Lanzhou University of Technology","institution_ids":["https://openalex.org/I22716506"]},{"raw_affiliation_string":"School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China","institution_ids":["https://openalex.org/I22716506"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Qingya Shang","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I22716506","display_name":"Lanzhou University of Technology","ror":"https://ror.org/03panb555","country_code":"CN","type":"education","lineage":["https://openalex.org/I22716506"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Qingya Shang","raw_affiliation_strings":["Lanzhou University of Technology","School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Lanzhou University of Technology","institution_ids":["https://openalex.org/I22716506"]},{"raw_affiliation_string":"School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China","institution_ids":["https://openalex.org/I22716506"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5115997902","display_name":"Aoxue Zu","orcid":"https://orcid.org/0009-0006-7488-9852","observed_orcids":["https://orcid.org/0009-0006-7488-9852"]},"institutions":[{"id":"https://openalex.org/I22716506","display_name":"Lanzhou University of Technology","ror":"https://ror.org/03panb555","country_code":"CN","type":"education","lineage":["https://openalex.org/I22716506"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Aoxue Zu","raw_affiliation_strings":["Lanzhou University of Technology","School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Lanzhou University of Technology","institution_ids":["https://openalex.org/I22716506"]},{"raw_affiliation_string":"School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China","institution_ids":["https://openalex.org/I22716506"]}]},{"author_position":"last","author":{"id":null,"display_name":"Shunyu Gan","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I22716506","display_name":"Lanzhou University of Technology","ror":"https://ror.org/03panb555","country_code":"CN","type":"education","lineage":["https://openalex.org/I22716506"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Shunyu Gan","raw_affiliation_strings":["Lanzhou University of Technology","School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Lanzhou University of Technology","institution_ids":["https://openalex.org/I22716506"]},{"raw_affiliation_string":"School of Economics and Management, Lanzhou University of Technology, Lanzhou City, Gan Su, China","institution_ids":["https://openalex.org/I22716506"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I22716506"],"apc_list":null,"apc_paid":null,"fwci":16.3864,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":{"value":0.98868205,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":96,"max":99},"biblio":{"volume":"58","issue":"2","first_page":"363","last_page":"381"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9794999957084656,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.9794999957084656,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.010599999688565731,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.002099999925121665,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/digital-finance","display_name":"digital finance","score":1.0},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9539999961853027},{"id":"https://openalex.org/keywords/small-and-medium-sized-enterprises","display_name":"small and medium-sized enterprises","score":0.9150000214576721},{"id":"https://openalex.org/keywords/sme-financing","display_name":"SME financing","score":0.578000009059906},{"id":"https://openalex.org/keywords/total-factor-productivity","display_name":"total factor productivity","score":0.9139999747276306},{"id":"https://openalex.org/keywords/internal-control","display_name":"internal control","score":0.9800000190734863},{"id":"https://openalex.org/keywords/principal-agent-problem","display_name":"principal-agent problem","score":0.9869999885559082},{"id":"https://openalex.org/keywords/financial-development","display_name":"financial development","score":0.593999981880188},{"id":"https://openalex.org/keywords/digital-economy","display_name":"digital economy","score":0.7760000228881836},{"id":"https://openalex.org/keywords/sme-board","display_name":"SME board","score":0.574999988079071},{"id":"https://openalex.org/keywords/science-and-technology-innovation-board","display_name":"Science and Technology Innovation Board","score":0.9369999766349792},{"id":"https://openalex.org/keywords/china","display_name":"China","score":0.3930000066757202}],"concepts":[{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.7170424461364746},{"id":"https://openalex.org/C2776035688","wikidata":"https://www.wikidata.org/wiki/Q1606558","display_name":"Affect (linguistics)","level":2,"score":0.6951464414596558},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6529231071472168},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5201990008354187},{"id":"https://openalex.org/C2780082420","wikidata":"https://www.wikidata.org/wiki/Q4672483","display_name":"Access to finance","level":2,"score":0.4796462655067444},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3264435827732086},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1080/00036846.2025.2453248","doi":"https://doi.org/10.1080/00036846.2025.2453248","is_oa":false,"landing_page_url":"https://doi.org/10.1080/00036846.2025.2453248","pdf_url":null,"source":{"id":"https://openalex.org/S201533460","display_name":"Applied Economics","issn_l":"0003-6846","issn":["0003-6846","1466-4283"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-class-a","anvur-scientific","cwts-core","fnege-3","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Applied Economics","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.9211000204086304,"id":"https://metadata.un.org/sdg/8"},{"display_name":"Industry, innovation and infrastructure","score":0.6773999929428101,"id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":59,"referenced_works":["https://openalex.org/W1480899479","https://openalex.org/W1546523058","https://openalex.org/W1982772517","https://openalex.org/W1983064995","https://openalex.org/W2073678397","https://openalex.org/W2099801663","https://openalex.org/W2123252687","https://openalex.org/W2126686154","https://openalex.org/W2148347284","https://openalex.org/W2164607577","https://openalex.org/W2165382485","https://openalex.org/W2168930496","https://openalex.org/W2341795385","https://openalex.org/W2354754197","https://openalex.org/W2752617332","https://openalex.org/W2788597170","https://openalex.org/W2794311872","https://openalex.org/W2794873523","https://openalex.org/W2795321837","https://openalex.org/W2795889852","https://openalex.org/W2799331516","https://openalex.org/W2886532901","https://openalex.org/W2910455782","https://openalex.org/W2938298458","https://openalex.org/W2943908192","https://openalex.org/W2956680720","https://openalex.org/W2973338680","https://openalex.org/W2978843909","https://openalex.org/W3003744404","https://openalex.org/W3031910649","https://openalex.org/W3041568511","https://openalex.org/W3121453830","https://openalex.org/W3121516428","https://openalex.org/W3121786372","https://openalex.org/W3122550102","https://openalex.org/W3123307641","https://openalex.org/W3124948273","https://openalex.org/W3126265012","https://openalex.org/W3159026468","https://openalex.org/W3206013991","https://openalex.org/W4220712232","https://openalex.org/W4229459429","https://openalex.org/W4293051520","https://openalex.org/W4306688554","https://openalex.org/W4311138748","https://openalex.org/W4311305975","https://openalex.org/W4319970149","https://openalex.org/W4367046263","https://openalex.org/W4377134097","https://openalex.org/W4379191925","https://openalex.org/W4382404374","https://openalex.org/W4383823017","https://openalex.org/W4387191071","https://openalex.org/W4388440319","https://openalex.org/W4388795514","https://openalex.org/W4391788234","https://openalex.org/W4398222752","https://openalex.org/W4400142810","https://openalex.org/W4407010861"],"related_works":["https://openalex.org/W4294896603","https://openalex.org/W4362674353","https://openalex.org/W4403964058","https://openalex.org/W4378717126","https://openalex.org/W4283812908","https://openalex.org/W7168158787","https://openalex.org/W4386692482","https://openalex.org/W4301373738","https://openalex.org/W2999913327","https://openalex.org/W6889832297"],"abstract_inverted_index":{"Based":[0],"on":[1,9,41,100],"the":[2,14,21,30,60,115],"panel":[3],"data":[4],"of":[5,38,44,63],"A-share":[6],"listed":[7],"companies":[8],"China\u2019s":[10],"SME":[11,111],"Board":[12,19],"and":[13,16,35,71,85],"Science":[15],"Technology":[17],"Innovation":[18],"from":[20],"year":[22],"2011":[23],"to":[24,109],"2021,":[25],"this":[26],"article":[27],"empirically":[28],"examines":[29],"direct":[31],"effect,":[32],"internal":[33,69],"mechanism":[34],"heterogeneous":[36],"effects":[37],"digital":[39,55,88,101,116],"finance":[40,56,89],"financing":[42,61,93,112],"constraints":[43,62],"SMEs":[45,64],"by":[46],"using":[47],"a":[48],"two-way":[49],"fixed-effects":[50],"model.":[51],"Results":[52],"show":[53],"that":[54],"can":[57,105],"significantly":[58],"alleviate":[59],"through":[65],"enhancing":[66],"TFP,":[67],"improving":[68],"control":[70],"mitigating":[72],"agency":[73],"problem.":[74],"Moreover,":[75],"in":[76,114],"areas":[77],"with":[78],"limited":[79],"traditional":[80],"financial":[81,96],"resources,":[82],"weak":[83],"oversight,":[84],"high-tech":[86],"industries,":[87],"more":[90],"effectively":[91],"eases":[92],"challenges.":[94],"As":[95],"development":[97],"increasingly":[98],"relies":[99],"technology,":[102],"these":[103],"findings":[104],"guide":[106],"policy":[107],"implications":[108],"resolve":[110],"difficulties":[113],"economy.":[117]},"counts_by_year":[{"year":2026,"cited_by_count":9},{"year":2025,"cited_by_count":3}],"updated_date":"2026-10-21T09:56:26.102985","created_date":"2025-01-23T00:00:00"}
