金融科技与企业债务违约风险——影响效果、机制识别与异质性特征  

Fintech and Corporate Debt Default Risk—Influence Effects, Mechanism Identification and Heterogeneity Characteristics

作　　者：丁志国[1,2] 刘欣苗 金龙 DING Zhiguo;LIU Xinmiao;JIN Long(School of Business and Management,Jilin University,Changchun 130012,China;Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Economics and Management,Dongguan University of Technology,Dongguan 523006,China)

机构地区：[1]吉林大学商学与管理学院,吉林长春130012 [2]吉林大学数量经济研究中心,吉林长春130012 [3]东莞理工学院经济与管理学院,广东东莞523006

出　　处：《西安交通大学学报（社会科学版）》2023年第3期16-28,共13页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家社会科学基金青年项目(19CJY060).

摘　　要：金融科技的发展突破了许多传统金融服务在支持实体经济过程中的束缚,对抑制实体企业债务违约、防范化解重大金融风险以及经济高质量发展都会产生重大影响。基于2011—2020年沪深A股上市公司数据,具体研究金融科技发展对企业债务违约风险的影响机理。实证结果表明,金融科技发展对企业债务违约风险存在显著抑制作用,且这一结论在经过一系列稳健性检验后依旧成立。机制分析表明,金融科技的发展能够提升金融的资源配置效率、改善市场信息效率、提升公司治理能力。具体而言,金融科技能够有效缓解企业融资约束,提高股价信息含量,降低委托代理成本,抑制企业的债务违约风险。异质性检验发现,在民营企业、中小企业、内部治理环境差和成熟投资者参与度高的企业中,金融科技对企业债务违约风险的抑制作用更为明显。This study is based on the fact of the transformation of China’s economy to high-quality development, the tightening of the financing environment, the downward pressure on the economy, and the fact that the debt default risks of the corporate sector have gradually been exposed, which were covered by the high-speed economic growth stage in the past. Such a situation is usually believed to be closely related to the bottleneck problems encountered by traditional financial support for the real economy. Traditional finance has the problem of inefficiency in guiding the allocation of resources, which restricts its potential to curb the risk of corporate debt default. There exist problems like soft budget constraints and collateral requirements limit the distribution of financial resources, the inefficiency of financial market information reduces the efficiency of management decision-making, and it is difficult to reduce the agency cost for the limited external supervision. The bottleneck problems encountered in the development of traditional finance need to conform to the development trend of the times, break the inherent limitations, and seek innovative solutions. In 2019, China officially elevated the development of fintech to a national strategy and clarified the vital position of fintech in the “14th Five-Year Plan” financial reform plan. Whether Fintech can break through the bottleneck encountered in traditional finance through the drive of emerging technologies, thereby reducing the risk of corporate debt default, is a real problem worth studying. We have empirically investigated the effects of fintech on corporate debt default risk, as well as the intermediary role played by financing constraints, capital market information efficiency, and corporate governance. Besides, we have explored the impact of fintech on corporate debt default risk under different resource endowment conditions, internal governance environments, and corporate heterogeneity of mature investor participation. We find that fintech signif

关 键 词：金融科技 债务违约 融资约束 资源配置效率 信息效率 公司治理 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]