数字金融发展与企业“脱虚向实”  

The Development of Digital Finance and Firms’ Transformation from Virtual to Real

作　　者：陈春华 曹伟[2,3] 曹雅楠 邵薪洁 Chen Chunhua;Cao Wei;Cao Yanan;Shao Xinjie(Shanghai Lixin University of Accounting and Finance,Shanghai 200235,China;Management College,Ocean University of China,Qingdao 266100,China;China Business Working Capital Management Research Center,Qingdao 266100,China;School of Accountancy y Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海立信会计金融学院,上海200235 [2]中国海洋大学管理学院,山东青岛266100 [3]中国企业营运资金管理研究中心,山东青岛266100 [4]上海财经大学会计学院,上海200433

出　　处：《财经研究》2021年第9期78-92,共15页Journal of Finance and Economics

基　　金：教育部人文社会科学基金青年项目(16YJC79004,17YJC790005,17YJC790204);国家社会科学基金青年项目(18CJY025);国家自然科学基金青年项目(71702178)。

摘　　要：企业"脱虚向实"是指企业将更多资本从非生产性领域配置到生产性领域,表现为实体企业金融化水平降低。文章以数字金融发展为背景,采用2011-2018年沪深两市A股上市公司数据,考察了数字金融发展对企业金融化的影响。研究发现,数字金融发展可以降低企业金融化水平,这种作用主要通过弱化企业预防性动机实现。进一步研究发现,数字金融发展对企业金融化的抑制作用仅存在于传统金融结构性错配的弱势样本中;与短期金融资产相比,数字金融发展对企业长期金融资产配置的抑制作用更加显著;随着金融监管的规范及力度的增强,数字金融发展对企业金融化的抑制作用凸显。文章研究表明,除了传统金融因素外,数字金融同样影响企业的金融资产配置行为。Firms’ transformation from virtual to real means that firms allocate more capital from nonproductive areas to productive areas,which is shown as the decrease of the level of firm financialization. The inefficient supply of traditional financial services is one of the factors that promotes firm financialization. In recent years,with the development and popularization of new technology,digital finance emerges at the historic moment. In essence,digital finance utilizes network technologies such as artificial intelligence,big data,cloud computing,Internet of Things,and blockchain to not only expand the accessibility of financial services,but also solve the problems of high risk premium and high operating cost generated in traditional financial services. Therefore,in view of the development scale of China’s internet economy and its leading position in the world’s technical practice,and considering the huge effect of digital finance on traditional financial services,it is necessary to explore the effect mechanism of digital finance on firm financialization from the perspective of Fintech progress.Based on the annual data of A-share listed firms in Shanghai and Shenzhen stock exchanges from 2011 to 2018,this paper examines the effect of digital finance development on firm financialization. The empirical study finds that the development of digital finance can reduce the level of firm financialization. The mechanism test finds that digital finance inhibits firm financialization mainly by weakening the precautionary motivation of firms. Further study finds that the inhibition of digital finance development on firm financialization only exists in the weak samples of the structural mismatch of traditional finance. In other words,the inhibitory effect of digital finance on firm financialization is more significant in private firms,manufacturing firms and growth-stage firms. Meanwhile,compared with short-term financial assets,long-term financial assets of firms are more significantly inhibited by the development of digit

关 键 词：数字金融 脱虚向实 企业金融化 预防性动机 金融监管 

分 类 号：F832[经济管理—金融学]