数字金融能否缓解企业融资困境——效用识别、特征机制与监管评估  

Can Digital Finance Ease the Corporate Financing Difficulties? Utility Identification, Feature Mechanism, and Regulatory Evaluation

作　　者：黄锐[1] 赖晓冰 赵丹妮[1] 汤子隆 HUANG Rui;LAI Xiaobing;ZHAO Danni;TANG Zilong(Fintech Engineering Technology Research Center,Guangdong University of Finance,510521;School of Economicsand Management,Southeast University,211189)

机构地区：[1]广东金融学院金融科技工程技术开发中心 [2]东南大学经济管理学院 [3]广东金融学院行为金融与区域实验室

出　　处：《中国经济问题》2021年第1期52-66,共15页China Economic Studies

基　　金：国家社会科学基金项目(19BJY248);教育部青年基金项目(19YJC790041);教育部青年基金项目(17YJC790205)资助。

摘　　要：针对缓解企业融资困境的现实要求,本文采用2011-2017年沪深两市A股上市企业数据,从数字金融视角切入,深入考察其与企业融资困境的关系。研究结果显示:数字金融发展对于缓解企业融资约束至关重要,随着数字金融发展水平的提高,这种缓解效应将得到显著加强;在考虑到企业自身属性的条件下,数字金融发挥的融资缓解效果表现出明显的异质性;进一步地,数字金融不仅能通过改善融资结构和市场化水平等宏观路径缓释企业融资约束,也能借助降低企业融资费用和杠杆水平等微观路径缓解融资约束;特别地,相较于数字金融弱监管环境,在强监管环境下数字金融的融资缓解效应更强,同时也更有益于疏通宏微观传导机制。为此,应围绕数字金融政策扶持、金融领域创新赋能、监管科技体系建设等方面内容,重点关注数字金融如何提升金融服务实体经济效能,有效纾解企业融资困境。This paper uses the data of A-share listed companies in Shanghai and Shenzhen stocks from 2011 to 2017 to study the impact of digital finance on alleviating corporate financing constraints. The results show a more advanced digital finance level is associated with a higher alleviation effect, which has a pronounced heterogeneity. Moreover, digital finance eases corporate financing constraints by improving financing structure and marketization level or by reducing corporate financing expenses and leverage levels. In particular, the alleviation effect of digital finance is higher under a better-supervised environment. Therefore, this paper argues that digital finance can play a more significant role in policy support, financial innovation, and financial regulatory technology systems and better serve the real economy.

关 键 词：数字金融 融资困境 融资约束 科技监管 实体经济 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]