数字金融对企业价值的影响——基于影子银行的调节效应  

The Influence of Digital Finance on Enterprise Value——Based on Moderating Effect of Shadow Banking

作　　者：刘军航[1] 刘书畅 Liu Junhang;Liu Shuchang(School of Management,Hefei University of Technology,Hefei 230009,China)

机构地区：[1]合肥工业大学管理学院,合肥230009

出　　处：《工业技术经济》2023年第3期92-98,共7页Journal of Industrial Technological Economics

摘　　要：随着数字经济的发展,数字金融利用区块链、云计算等先进技术为企业的经营发展提供了新的应用环境,这对于促进实体企业增值提供了重要契机。本文以2017~2021年沪深A股上市企业为研究样本,基于影子银行视角,构建固定效应模型和调节效应模型,实证检验数字金融发展对企业价值提升的促进效应,并研究影子银行在两者之间所产生的调节作用。研究发现:数字金融的发展显著提升了企业价值,且其促进作用存在区域异质性,在内陆地区更为明显;影子银行产生负向调节作用,抑制了数字金融对企业价值的提升。With the development of digital economy,digital finance provides a new application environment for the development of enterprises by using advanced technologies such as blockchain and cloud computing.Based on the perspective of shadow banking,this paper constructs fixed-effect model and 2021-effect model by taking A-share listed companies in Shanghai and Shenzhen in China from 2017 to 2017 as research samples,this paper empirically examines the promoting effect of digital finance development on enterprise value promotion,and explores the moderating effect of shadow banking between the two.The results show that the development of digital finance significantly enhances the enterprise value,and there is regional heterogeneity in its promotion effect,which is more obvious in the inland region;digital finance exerts a slightly higher degree of influence on enterprise va-lue growth in SOEs than in non-SOEs.Shadow banking plays a negative moderating effect,which inhibits the promotion effect of digital finance on enterprise value.

关 键 词：数字金融 企业价值 影子银行 调节效应 实体经济 金融创新 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]