数字金融对企业融资行为的影响效应及作用机制  

The Impact and Mechanism of Digital Finance on Enterprise Financing Behavior

作　　者：陈梦根[1] 张乔 CHEN Meng-gen;ZHANG Qiao

机构地区：[1]北京师范大学统计学院金融统计系 [2]北京师范大学统计学院

出　　处：《改革》2023年第9期34-52,共19页Reform

基　　金：国家社会科学基金重大项目“数字经济对我国经济社会发展的影响效应测度与统计评价”(19ZDA118);北京市自然科学基金面上项目“北京市数字经济高质量发展水平测度、路径选择与治理体系研究”(9232012)。

摘　　要：数字金融作为一种新型金融模式,对企业行为具有重要影响。建立三维指标体系测算地区数字金融指数,以2011—2022年上市公司数据为样本,实证考察数字金融对企业融资行为的影响及其内在机制。研究发现,数字金融对企业的融资行为具有显著的优化作用,具体表现为融资额的增加、债权融资占比的扩大及融资效率的提高。特别地,数字金融对企业融资行为的影响具有明显的区域异质性和企业异质性。机制分析表明,数字金融发展能够通过信息效应、成本效应和收益效应从供需两方面优化企业的融资行为。为了更好地发挥数字金融对企业融资行为的优化作用,应制定和完善信息技术与金融深度融合的支持性政策,加快传统金融机构数字化进程,积极助力欠发达地区和潜力企业的发展。As a new financial model,digital finance has great influence on the financing behavior of micro-enterprises.This paper sets up a three-dimensional index system to measure the regional digital financial index,and selects Chinese listed enterprises as a sample from 2011 to 2022 to empirically investigate the impact of digital finance on corporate financing behavior and the underlying mechanism.It is found that digital finance has a significant optimization effect on the financing behavior of enterprises,which is manifested in the increase of financing scale,the increase of the proportion of debt financing,and the improvement of financing efficiency.In particular,the heterogeneity analysis shows that the impact of digital finance on corporate financing behavior has obvious regional heterogeneity and firm heterogeneity.The mechanism analysis shows that the development of digital finance can improve the financing behavior of enterprises through information effect,cost effect and income effect.In order to promote the role of digital finance in enhancing the financing behavior of enterprises,it is necessary to formulate and improve supportive policies for the deep integration of information technology and finance,speed up the digitization process of traditional financial institutions,and actively promote the development of underdeveloped regions and potential enterprises.

关 键 词：数字金融 融资行为 债权融资 

分 类 号：F832[经济管理—金融学]