数字金融与中小企业资本结构调整行为  

Digital Finance and Capital Structure Adjustment of Small and Medium-sized Enterprises

作　　者：朱超[1] 范志国 ZHU Chao;FAN Zhi-guo(Capital University of Economics and Business)

机构地区：[1]首都经济贸易大学金融学院

出　　处：《华中科技大学学报（社会科学版）》2023年第2期52-64,共13页Journal of Huazhong University of Science and Technology(Social Science Edition)

基　　金：国家自然科学基金面上项目“人口学视角下风险态度、全要素生产率与金融资产收益率研究”(71873092);首都经济贸易大学北京市属高校基本科研业务费专项资金项目(ZD202003);首都经济贸易大学研究生科技创新项目“数字金融与中小企业资本结构调整行为”(2022KJCX084)。

摘　　要：数字金融的快速发展给企业去杠杆带来了新的可能,本文利用中小板和创业板上市公司2012—2019年样本数据,研究了数字金融对中小企业资本结构调整速度和调整方式的影响。研究发现,无论资本结构是向上调整还是向下调整,数字金融均提高了中小企业资本结构调整速度。数字金融促使中小企业更愿意通过债务融资方式向上调整资本结构,也提高了中小企业用债务融资和权益融资方式向下调整资本结构的概率。究其原因,是数字金融可以促进银行业竞争、缓解融资约束和提高信息透明度,进而提高中小企业资本结构调整速度。基于内外部环境的异质性检验结果表明,数字金融对规模较小、非国有企业、位于金融监管较强地区的中小企业资本结构调整的促进作用更明显,对不同金融发展水平地区的中小企业资本结构调整速度没有显著差异。本文从数字金融的视角,为中小企业资本结构管理行为提供了经验证据。The rapid development of digital finance has brought new possibilities for corporate deleveraging, and this paper investigates the impact of digital finance on the speed and mode of capital structure adjustment of SMEs using sample data of small and medium-sized board and GEM listed companies from 2012-2019. The study finds that digital finance accelerates the speed of capital structure adjustment of SMEs regardless of whether the capital structure is adjusted upward or downward. Digital finance makes SMEs more willing to recapitalize upward through debt financing and also increases the probability of recapitalizing downward with debt and equity financing. The reason for this is that digital finance can promote competition in the banking industry, ease financing constraints and improve information transparency, which in turn increases the speed of recapitalization of SMEs. The results of the heterogeneity test based on the internal and external environment show that digital finance has a more significant contribution to the recapitalization of SMEs that are smaller, non-state owned, and located in regions with stronger financial regulation, and there is no significant difference in the recapitalization of SMEs in regions with different levels of financial development. This paper provides empirical evidence for SMEs’ capital structure management behavior from the perspective of digital finance.

关 键 词：数字金融 银行竞争 融资约束 信息透明度 资本结构调整 

分 类 号：F272.3[经济管理—企业管理]