数字金融有助于提升企业价值吗?——基于中国A股上市企业的实证研究  

Can Digital Finance Help Increase Corporate Value?-Based on Empirical Research on China’s A-share Listed Companies

作　　者：苑春荟[1] 陈萌 YUAN Chunhui;CHEN Meng(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876

出　　处：《北京邮电大学学报（社会科学版）》2023年第2期99-110,共12页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

摘　　要：以2011—2020年中国沪深A股上市公司为研究对象,运用双向固定效应模型分析数字金融对企业价值的影响。研究发现,数字金融能显著提升企业价值,并且提升作用具有长期效果。进一步研究发现:数字金融可以通过降低企业杠杆率和企业融资成本实现企业价值的增加;异质性检验发现,与东部地区相比,数字金融对中西部地区的企业价值提升效应更为显著,表明数字金融的普惠特征较明显。此外,对金融市场实施强监管与弱监管相比,加强金融监管更有助于发挥数字金融对企业价值的提升作用。Taking the A-share listed companies in Shanghai and Shenzhen Exchanges from 2011 to 2020 as the research object,the impact of digital finance on enterprise value is analyzed by using the two-way fixed-effect model.It is found that digital finance can significantly promote enterprise value,and the effect is long-term.Further research finds that digital finance can increase enterprise value by reducing corporate leverage ratio and corporate financing costs.The heterogeneity test finds that compared with the eastern region,the effect of digital finance on corporate value promotion in the central and western regions is more significant,which indicates the inclusive characteristics of digital finance are more obvious.In addition,stronger supervision of the financial market is more conducive to promoting corporate value than weak supervision.

关 键 词：数字金融 企业价值 企业杠杆率 融资成本 

分 类 号：F832[经济管理—金融学]