金融科技能够抑制企业过度负债吗?  

Can Fintech Restrain Corporate Excess Leverage?

作　　者：徐寿福[1] 张云 XU Shoufu;ZHANG Yun(School of Finance,Shanghai University of International Business and Economics,Shanghai 201620,China;School of Finance,Shanghai Lixin University of Accounting and Finance,Shanghai 201209,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海立信会计金融学院金融学院,上海201209

出　　处：《中南财经政法大学学报》2024年第3期15-28,共14页Journal of Zhongnan University of Economics and Law

基　　金：教育部人文社会科学研究规划基金项目“中国上市公司策略性债务违约的经济后果及其治理研究”(21YJA790067);国家社会科学基金重大项目“高水平开放背景下全球金融周期冲击与系统性金融风险防控研究”(22&ZD120)。

摘　　要：本文以2011—2021年中国上市公司为研究样本,采用北京大学数字普惠金融指数度量金融科技发展水平,实证检验金融科技对企业过度负债的影响。研究结果表明,金融科技能够助力银行等金融机构提升事前的信息甄别能力和加强事后的债权人监督功能,继而抑制企业过度负债行为。进一步的研究显示,金融科技对企业过度负债行为的抑制作用在国有企业和产品市场竞争程度低的行业企业中更加显著,并且金融科技能够通过抑制过度负债而降低企业债务违约风险。本文不仅在理论上丰富了金融科技影响效应和企业过度负债缓解机制的文献,而且在实践上为利用金融技术进步推动微观企业优化资本结构,助力实体经济高质量发展提供了依据。Based on the data of Chinese listed companies during 2011-2021,this paper examines the effects of Fintech on corporate excess leverages by employing the Peking University Digital Financial Inclusion Index of China(PKU-DFIIC)as the Fintech measure.The results indicate that Fintech helps restrain corporate excess leverages by improving the ex-ant information screening ability and the ex-post creditor monitoring function of banks and other financial institutions.Further analyses show that Fintech has greater effects on the excess leverages in the state-owned-enterprises and the industries with lower product market competition,as well as decreases corporate default risk by restraining excess leverage.This paper enriches the literature on the consequences of Fintech and the settlement mechanisms of corporate excess leverage in theory,also provides basis for taking advantage of financial technology process to optimize corporate capital structure and facilitate high-quality development of real economy in practice.

关 键 词：金融科技 过度负债 信息不对称 代理成本 违约风险 

分 类 号：F275[经济管理—企业管理]