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签字日期：2022年5月30日
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签字日期：2022年5月30日

摘要
目前中国发展的着力点仍聚焦于实体经济，各地区数字普惠金融的蓬勃发展，扩大
内需战略同优化供给侧战略相结合，畅通国内大循环，促进国内国际双循环，为实体经
济的发展提供有力支撑。纺织业作为劳动密集型产业，在国内占据重要地位，在国际中
有着显著的比较优势，但近年来，我国的传统制造业面临的外部环境日益严峻，纺织行
业的创新发展对我国经济高质量发展和成为国民支柱行业有重要意义。相关文献表明，
纺织行业的研发投入普遍存在融资约束问题，且原材料和核心技术多依赖于进口，而数
字普惠金融有效拓宽了金融服务的边界，有利缓解企业的融资困境。本文基于2011年
-2020年北京大学数字普惠金融市级指数和纺织上市公司的相关财务数据，采用中介效
用模型，探讨数字普惠金融与纺织公司的企业绩效的关系，反映数字普惠金融在纺织行
业中的发展质量，并根据研究结论提出一定的可行性建议。研究结论表明：数字普惠金
融可通过缓解融资约束从而促进纺织公司的企业绩效，数字普惠金融对民营企业的融资
约束缓解作用大于国营企业，对纺织行业上游公司的融资约束缓解作用大于下游公司，
对小规模企业的融资约束缓解作用大于大规模企业细分数字普惠金融指标，数字普惠金
融覆盖广度、使用深度同样可通过缓解融资约束问题促进纺织公司的企业绩效。
关键词：数字普惠金融，纺织行业，企业绩效
研究类型：应用研究

Abstract
The focus of Chinese development has been still focused on the real economy. With the
vigorous development of digital Inclusive Finance in various regions, the strategy of
expanding domestic demand combines with the strategy of optimizing the supply side, so as
to smooth the domestic cycle and promote the domestic and international double cycle, so as
to provide strong support for the development of the real economy. As a labor-intensive
industry, the textile industry occupies an important position in China and has significant
comparative advantages in the world. However, in recent years, the external environment
faced by Chinese traditional manufacturing industry has become increasingly severe. The
innovative development of the textile industry is of great significance to the high-quality
development of Chinese economy and becoming a pillar industry of the people. Relevant
literature shows that there are financing constraints in R & D investment in the textile industry,
raw materials and core technologies mostly depend on imports. Digital inclusive finance
effectively widens the boundary of financial services and helps alleviate the financing
difficulties of enterprises. Based on the municipal index of digital Inclusive Finance of Peking
University and the relevant financial data of textile listed companies from 2011 to 2020, this
paper uses the intermediary utility model to explore the relationship between digital Inclusive
Finance and the enterprise performance of textile companies, reflect the development quality
of digital Inclusive Finance in the textile industry, and put forward some feasible suggestions
according to the research conclusions. The research conclusion shows that digital inclusive
finance can promote the enterprise performance of textile companies by alleviating the
financing constraints. The mitigation effect of digital Inclusive Finance on the financing
constraints of private enterprises is greater than that of state-owned enterprises, the mitigation
effect of digital Inclusive Finance on the financing constraints of upstream companies in the
textile industry is greater than that of downstream companies, the mitigation effect of
financing constraints on small-scale enterprises is greater than that of large-scale enterprise
segmentation, and the coverage of digital Inclusive Finance is wider The use of depth can also
promote the enterprise performance of textile companies by alleviating financing constraints.
Key words：digital inclusive finance; textile companies; enterprise performance
Thesis：applied research
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