数字普惠金融与商业信用二次配置  

Digital Financial Inclusion and Secondary Allocation of Commercial Credit

作　　者：钟凯 梁鹏 董晓丹 王秀丽[1] ZHONG Kai;LIANG Peng;DONG Xiao-dan;WANG Xiu-li(Business School of University of International Business and Economics,Beijing 100029,China;China Government-Enterprise Cooperation Investment Fund Co.,Ltd.,Beijing 100038,China)

机构地区：[1]对外经济贸易大学国际商学院 [2]中国政企合作投资基金股份有限公司

出　　处：《中国工业经济》2022年第1期170-188,共19页China Industrial Economics

基　　金：国家社会科学基金重大项目“‘一带一路’投资安全保障体系研究”(批准号19ZDA101);国家社会科学基金一般项目“企业财务特征、治理环境对其退出产融结合的影响研究”(批准号17BGL233);国家自然科学基金青年项目“企业金融化与投资行为研究:基于产业公司设立私募基金的分析”(批准号71902028)。

摘　　要：商业信用二次配置是企业充当信用中介,将银行信贷等资金通过商业信用的渠道为供应链的上下游中小企业提供融资支持,这会导致资金供给链延长,加剧了供应链系统性风险,而数字普惠金融发展的重点在于为中小企业提供直接融资,因此,其能否抑制商业信用二次配置,对于防范金融风险和促进实体经济稳定发展具有重要意义。本文深入探讨了数字普惠金融对商业信用二次配置的影响及其作用机制,研究发现:数字普惠金融有助于降低商业信用二次配置,有效减少了企业利用商业信用把长期借款资金进行二次配置的行为,而且该抑制作用对于外部融资能力较强的企业更加明显。机制检验表明,数字普惠金融通过减少上市公司超额银行信贷抑制商业信用二次配置。进一步分析显示,在外部市场竞争程度较低、内部风险较低、现金持有水平较高以及非高科技企业中,数字普惠金融对上市公司商业信用二次配置的抑制作用更加明显;而且,数字普惠金融在降低商业信用二次配置的同时,对于促进企业创新投入具有一定的积极作用。本文研究表明,数字普惠金融通过增加中小企业直接融资,减少了资金供给的中间环节,进而抑制大型企业充当"影子银行"进行资金的二次配置。The secondary allocation of commercial credit is that companies,as credit intermediaries,use bank loan to support the financing demand of small and medium-sized enterprises through the channel of commercial credit along the supply chain,which extends the chain of capital supply and intensifies the systematic risk of the supply chain.Whether digital financial inclusion,focusing to provide direct financing for small and medium-sized enterprises,could inhibit the secondary allocation of commercial credit is of great significance for the prevention of financial risks and the stable development of real economy.This article discusses the impact of digital financial inclusion on the secondary allocation of commercial credit and its potential mechanism.The study finds that digital financial inclusion could mitigate the secondary allocation of commercial credit.The association between commercial credit and bank loan as well as the association between commercial credit and external financing capacity are both reduced when the degree of digital financial inclusion is high.The mechanism test shows that the development of digital financial inclusion reduces the excess bank credit,thereby inhibiting the secondary allocation of commercial credit.Furthermore,for the subsample of non-high-tech companies and companies with low external market competition,high cash holdings and low external risks,the negative effect of digital financial inclusion on commercial credit is more significant.Moreover,evidence is shown that the reduction of secondary allocation of commercial credit could make innovation investment increased with high digital financial inclusion.This paper indicates that the digital financial inclusion could increase the direct financing for small and medium-sized enterprises and reduce the capital supply chain that will further impede the secondary allocation of capital by large enterprises acted as the“shadow bank”.

关 键 词：数字普惠金融 商业信用 影子银行 二次配置 

分 类 号：F275[经济管理—企业管理]