大数据技术应用与企业融资成本  

Application of big data technology in financing costs of enterprises

作　　者：车德欣[1] 李宝儿 向海凌 吴非 CHE Dexin;LI Baoer;XIANG Hailing;WU Fei(Fintech Engineering Technology Development Center,Guangdong University of Finance,Guangzhou 510521,Guangdong Province,P.R.China;School of Economics and Trade,Guangdong University of Finance,Guangzhou 510521,Guangdong Province,P.R.China;School of Finance and Investment,Guangdong University of Finance,Guangzhou 510521,Guangdong Province,P.R.China;Laboratory of Behavioral Finance and Regional Research,Guangdong University of Finance,Guangzhou 510521,Guangdong Province,P.R.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]广东金融学院经济贸易学院,广东广州510521 [3]广东金融学院金融与投资学院,广东广州510521 [4]广东金融学院行为金融与区域实验室,广东广州510521

出　　处：《深圳大学学报（理工版）》2023年第3期284-295,共12页Journal of Shenzhen University(Science and Engineering)

基　　金：国家自然科学基金资助项目(72202046);国家社会科学基金资助项目(22CJY009,21CJY045);教育部人文社科基金资助项目(22YJC790009)。

摘　　要：大数据技术作为数字经济与实体经济融合发展下的新兴技术,对企业高质量发展具有重要影响.基于2007—2020年中国上市企业数据,探讨企业大数据技术应用对融资成本的影响和机制.实证结果发现,大数据技术应用能够显著降低企业融资成本,此结论在经由稳健性与内生性处理后依旧成立.异质性检验发现,非国有企业和高科技企业的大数据技术应用更能显著降低自身的融资成本.机制识别检验发现,大数据技术应用能够改善信息不对称、增强财务风险稳定性并优化市场预期,从而有助于融资成本的降低.特别地,基于影响企业融资成本的重要外部因素进行探讨,发现大数据技术应用在货币政策不确定性较高的情境中具有更好的融资降成本效果.研究结论在微观上有助于指引企业应用前沿技术,在宏观上有助于政府部门制定更加完善的大数据技术相关政策.As an emerging technology under the integration of digital economy and real economy,big data technology has an important impact on the high-quality development of enterprises.Based on the data of Chinese listed companies(2007-2020),this paper discusses the impact and mechanism of big data technology application on financing costs.The empirical results show that the application of big data technology can significantly reduce the financing costs for enterprises,and the above conclusion still holds after the treatment of robustness and endogeneity.The heterogeneity test shows that the application of big data technology in non-state-owned enterprises that the application of big data technology can improve information asymmetry,enhance financial risk stability and optimize market expectations,which are conducive to the reduction of financing costs.In particular,this study also explores important external factors affecting the financing costs of enterprises,and demonstrates that the application of big data technology has a better financing cost reduction effect in scenarios with high monetary policy uncertainty.The research conclusions are helpful to guide enterprises to apply the cutting-edge technologies at the micro level and help the government departments formulate more perfect big data technology-related policies at the macro level.

关 键 词：数字经济 大数据技术应用 企业融资成本 文本识别 货币政策不确定性 企业高质量发展 

分 类 号：F27[经济管理—企业管理] F82[经济管理—国民经济] F208[自动化与计算机技术—计算机应用技术] TP391[自动化与计算机技术—计算机科学与技术]