数字金融、银行主动风险承担与企业融资约束  

Digital Finance,Banks’Active Risk-Taking and Corporate Financing Constraints

作　　者：张艾莉[1] 孙新宇 Zhang Aili;Sun Xinyu(School of Economics and Management,Beijing University of Technology)

机构地区：[1]北京工业大学经济与管理学院

出　　处：《调研世界》2022年第10期58-65,共8页The World of Survey and Research

基　　金：国家社会科学基金重大项目“依靠科技创新应对人口老龄化跨学科研究”(17ZDA119);国家科技统计专项工作“国际科技创新评价指数研究”(NSTS202109)的资助。

摘　　要：本文以2012—2020年我国沪、深两市A股上市公司为样本,采用现金—现金流敏感性模型检验银行主动风险承担对企业融资约束的影响,并进一步讨论数字金融发展的调节作用。研究发现:(1)银行主动风险承担提高对企业融资约束具有缓解作用,且该缓解作用在东部地区企业及小型企业中显著;(2)基于风险转移效应与技术溢出效应,数字金融发展显著抑制了银行主动风险承担提高对企业融资约束的缓解作用,且抑制作用在东部地区企业、大型与小型企业中均显著。基于此,本文提出商业银行应加强动态风险监管,并进一步优化数字金融业务,以降低商业银行风险水平,提升金融体系服务于实体经济的能力。Based on the data of the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2012 to 2020,this paper uses the model of the cash flow sensitivity of cash to analyze the impact of banks’active risk-taking on corporate financing constraints,and further discusses the moderating effect of digital financial development.It is found that:(1)The increase of banks’active risk-taking has a mitigating effect on corporate financing constraints,which is significant in enterprises in eastern China and small enterprises.(2)Based on the risk transfer effect and technology spillover effect,the development of digital finance significantly inhibits the mitigating effect of the increase of banks'active risk-taking on corporate financing constraints,which is significant in enterprises in eastern China,large and small enterprises.Based on the conclusions,commercial banks should strengthen dynamic risk supervision and further optimize the digital finance business in order to reduce the risk level of commercial banks and enhance the financial system's ability to serve the real economy.

关 键 词：融资约束 银行主动风险承担 数字金融 现金—现金流敏感性模型 

分 类 号：F832[经济管理—金融学]