金融市场化改革与企业数字化转型——来自利率市场化的中国经验证据  

Financial Marketization Reform and Enterprise Digital Transformation——Empirical Evidence from the Marketization of Interest Rates in China

作　　者：唐松[1] 李青 吴非 TANG Song;LI Qing;WU Fei(Guangdong University of Finance, Guangzhou, Guangdong 510521, China)

机构地区：[1]广东金融学院金融科技工程技术开发中心,广东广州510521 [2]广东金融学院行为金融与区域实验室,广东广州510521

出　　处：《北京工商大学学报（社会科学版）》2022年第1期13-27,共15页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：国家自然科学基金项目“利率市场化结构效应的分层传导与区域金融异质性风险防范研究”(71874038);国家社会科学基金项目“供给侧结构性改革背景下利率市场化的区域效应与金融风险防控研究”(18BJL071);国家社会科学基金项目“高质量发展背景下货币政策工具组合对民营企业融资结构优化的调节效应研究”(19BJY248)。

摘　　要：在数字经济时代,微观经济主体的数字化转型是经济高质量发展的关键一环,这离不开高质量金融供给的支持。基于2007—2019年中国上市企业数据,研究利率市场化对企业数字化转型的影响及其机制路径。实证发现,利率市场化能够显著驱动企业数字化转型,并且对于非国有企业的驱动效果更为突出,但对于科技属性企业的支持力度并未展现出特异性的支持偏好。机制研究发现,利率市场化通过缓解企业融资难融资贵,降低企业杠杆,激励企业加大研发投入等方式,赋能企业数字化转型。特别地,货币政策不确定性会削弱利率市场化对企业数字化转型的驱动作用。因此,建议政府部门应着力营造稳定的货币政策环境,进一步提高利率市场化的改革效果;金融机构应主动适应市场化定价方式,加大创新项目的金融支持力度,推动投贷联动;企业应当侧重将金融资源注入创新项目,加快实现数字化转型。In the era of digital economy,digital transformation of micro-enterprises is the crux of high-quality economic development.To expedite the digital transformation of micro-enterprises,however,high-quality supply of financial resources is urgently-needed.Based on the data of Chinese listed companies from 2007 to 2019,this study aims to examine the relationship between interest rate marketization and digital transformation of companies and explore the mechanisms behind it.The empirical findings of the paper show that interest rate marketization can significantly drive the digital transformation of enterprises and this effect is particularly robust for non-state-owned enterprises.However,the study shows that interest rate marketization does not preferentially benefit technology enterprises.Another finding is that interest rate marketization can facilitate the digital transformation of companies by alleviating corporate financing difficulties,reducing corporate leverage,and encouraging companies to increase investment in research and development.In particular,the uncertainty of monetary policies tends to weaken the positive impact of interest rate marketization on the digital transformation of enterprises.We conclude the article by proposing the following policy recommendations:government agencies should redouble their efforts to create a stable monetary policy environment,which is the sine qua non of fully exploiting the benefits of interest rate market reform;financial institutions should proactively embrace the market-based pricing methods,increase financial support for innovative projects,and encourage commercial banks to participate in combined debt-equity investments into startups and small businesses;and enterprises should earmark their financial resources for innovative projects in a bid to accelerate digital transformation.

关 键 词：利率市场化 企业数字化转型 融资约束 投融资行为 货币政策不确定性 

分 类 号：F832.5[经济管理—金融学] F49