数字金融、债务杠杆与企业全要素生产率  

Digital Finance, Debt Leverage and Total Factor Productivity of Enterprises

作　　者：林常青 赵琛虎 LIN Changqing;ZHAO Chenhu(School of Economics and Trade,Hunan University of Technology,Zhuzhou 412007,China)

机构地区：[1]湖南工业大学经济与贸易学院,湖南株洲412007

出　　处：《常州工学院学报》2024年第1期63-71,共9页Journal of Changzhou Institute of Technology

基　　金：湖南省社会科学成果评审委员会课题(XSP22YBZ099)。

摘　　要：基于2011—2019年沪深A股上市公司数据,探讨数字金融对企业全要素生产率的内在联系及其影响机制。实证结果显示:数字金融对提升企业全要素生产率有着显著的促进作用,在考虑内生性问题和一系列稳健性检验之后,结论仍然成立;非国有企业、小规模企业以及处于东部和中部地区企业的全要素生产率受到数字金融发展的影响更为显著;数字金融发展提升企业全要素生产率的一个重要渠道是通过降低企业债务杠杆率来实现的。因此,在经济转型期间要引导数字金融成为企业发展新动力。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2019,the inherent relationship and impact mechanism of digital finance on total factor productivity of enterprises are explored.The empirical results show that digital finance has a significant promoting effect on improving the total factor productivity of enterprises.After considering endogeneity issues and a series of robustness tests,the conclusion still holds water.The total factor productivity of non-state-owned enterprises,small-scale enterprises,and enterprises located in the eastern and central regions is more significantly affected by the development of digital finance.An important channel for the development of digital finance to enhance the total factor productivity of enterprises is achieved by reducing their debt leverage ratio.Therefore,during the period of economic transformation,it is necessary to guide digital finance to become a new driving force for enterprise development.

关 键 词：数字化 高质量发展 债务杠杆率 融资约束 

分 类 号：F832.5[经济管理—金融学]