数字金融是否优化了实体企业融资结构  

Has Digital Finance Optimized the Financing Structure of Enterprises in the Real Economy?

作　　者：冯永琦[1] 胡玥 Feng Yongqi;Hu Yue

机构地区：[1]吉林大学经济学院

出　　处：《金融经济学研究》2024年第3期59-76,共18页Financial Economics Research

基　　金：国家社会科学基金一般项目(20BJY022);教育部人文社会科学重点研究基地重大项目(22JJD790066);吉林大学哲学社会科学创新团队青年项目(2023QNTD11)。

摘　　要：构建引入数字金融因素的企业融资结构理论模型,利用2013—2021年沪深A股上市公司数据,分析数字金融对实体企业融资结构的影响。实证结果表明,数字金融主要通过提升股权融资在融资结构中的比重,进而优化实体企业融资结构,但数字金融发展对实体企业融资结构的优化作用在不同行业、企业规模和产权性质下存在异质性。数字金融优化实体企业融资结构的机制主要包括提高企业信息透明度、提升信息披露质量以及增强市场关注度等。数字金融对企业直接融资规模产生线性的促进作用,对间接融资规模产生先抑制后促进的非线性影响,而数字金融对实体企业直接融资规模的促进作用大于对间接融资规模的促进作用。同时,数字金融对股权融资规模的影响程度高于对债券融资规模的影响程度。This study examined the impact of digital finance on the financing structures of enterprises within the real economy by developing a theoretical model of corporate financing structure that incorporates digital finance elements.Leveraging data from Shanghai and Shenzhen A-share listed companies from 2013 to 2021,the analysis demonstrates that digital finance significantly optimizes financing structure by increasing the proportion of equity financing.Yet,the optimization effect of digital finance on financing structure shows variability across industries,company sizes,and ownership types.Key mechanisms by which digital finance improves the financing structure include increasing corporate information transparency,enhancing the quality of information disclosure,and boosting market attention.The study reveals that digital finance has a positive linear impact on the magnitude of direct financing for enterprises and a nonlinear influence on indirect financing—initially dampening before facilitating it—with a more pronounced effect on direct financing over indirect financing.Moreover,the study finds that the effect of digital finance on equity financing surpasses its impact on debt financing.

关 键 词：数字金融 融资结构 直接融资 信息不对称性 

分 类 号：F830.5[经济管理—金融学]