Abstract

Financing difficulties have plagued private enterprises for a long time. Emerging Fintech is expected to improve private enterprises’ financing situation by enhancing the risk control in bank loans. This paper constructs the Fintech Policy Index and the Fintech index by text quantitative analysis and factor analysis method respectively. It selects the data of 96 private enterprises in China from 2010 to 2017 as samples, using Time-Varying Parameter State Space Model to explore how Fintech affect private enterprises’ financing situation. The research shows that the elasticity coefficient of Fintech and private enterprises’ financing development develops as W-type and has obvious stage characteristics. At present, the elasticity coefficient of China's Fintech and private enterprise financing is in the upward trend of W-type. Fintech is helping the private enterprises’ financing, which is gradually to be realized.

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