关键词: 政策扶持, 金融科技, 小微企业融资

Abstract: Financial policy and Fintech are two important factors that affect the financing difficulties of small and micro enterprises (SME). This paper firstly constructs a credit decision-making model for SME financing, and systematically discusses the application of financial technology and policy support on the financing of SME. The theoretical analysis shows that: Financial policy support can increase the loan scale, reduce the financing cost, but lead to the increase of the default risk of SME; Fintech can realize the separation and equilibrium of loans for SME with different risks, reduce the default risk. And the integration of Fintech and policies will produce synergistic effect, that is, it will increase the overall financing scale, and reduce financing costs, but will not lead to the increase the default risk of SME. This paper further uses the data of 6123 real SME loans of large joint-stock commercial banks to carry out empirical research, which provides empirical evidence for theoretical analysis. This paper provides reference for deepening the reform of credit financing system of SME.

Key words: Policy Support, Financial Technology, SME Financing