数字金融赋能企业高质量发展的作用机制与实现路径  

Mechanism and Realization Path of High-Quality Development of Digital Finance Enabling Enterprises

作　　者：冯永琦[1] 林凰锋 FENG Yongqi;LIN Huangfeng(School of Economics,Jilin University,Changchun,130012,China)

机构地区：[1]吉林大学经济学院,吉林长春130012

出　　处：《当代经济科学》2024年第3期45-58,共14页Modern Economic Science

基　　金：国家社会科学基金一般项目“中国信贷周期形成机理的动态转换与宏观调控研究”(20BJY022);教育部人文社会科学重点研究基地重大项目“跨周期和逆周期结合下的金融安全维护研究”(22JJD790066);吉林大学哲学社会科学创新团队青年项目“中国金融现代化与企业高质量发展道路研究”(2023QNTD11)。

摘　　要：数字金融的快速发展对提升金融服务实体经济能力以及实现企业高质量发展都有着重要影响。以2013—2021年中国A股上市的实体企业为研究样本,通过构建地级市层面的数字金融发展指数以及企业层面的高质量发展指数,实证检验数字金融对企业高质量发展的作用机制与实现路径。研究发现,数字金融能够显著促进企业高质量发展,但这种促进作用在不同行业和不同区域存在一定差异。从作用机制看,数字金融的发展能够有效缓解信息不对称和融资约束等,并通过提升技术创新和企业效率等内部优化手段,显著促进实体企业高质量发展。从实现路径来看,目前数字金融推动企业高质量发展主要是通过企业创新发展、共享发展和协调发展这三个路径发挥作用,而绿色发展和开放发展路径的作用并未有效发挥。同时,有效的金融监管是数字金融赋能企业高质量发展路径实现的必要保障。因此,应加强对数字金融的政策支持,积极探索绿色发展和开放发展等潜在路径,充分发挥创新发展、共享发展和协调发展路径的积极作用,并以适度监管保障数字金融赋能企业高质量发展。Digital finance represents a novel financial service leveraging advanced technologies such as cloud computing,big data,and artificial intelligence.These technologies significantly impact the enhancement of financial services for the real economy and the attainment of high-quality economic development.Despite extensive macro-level studies,there remains a dearth of specific investigations into how micro-level digital finance influences the high-quality development of enterprises.Additionally,the role of financial regulation in the evolution of digital finance and its impact on the high-quality development of enterprises warrant further exploration.This study empirically examines the mechanisms and pathways through which regional digital financial development facilitates the high-quality development of entities,utilizing annual data from Shanghai and Shenzhen A-share listed entities spanning 2013 to 2021.Employing a fixed effect model alongside the construction of high-quality enterprise development and digital financial development indices,the research demonstrates a significant positive correlation between digital finance development and the high-quality development of physical enterprises.This conclusion remains robust after addressing endogeneity concerns and conducting various robustness tests.For mechanism analysis,regional digital finance development mitigates information asymmetry between enterprises and capital suppliers,alleviates financing constraints,and fosters technological innovation among enterprises,thereby promoting high-quality development.Heterogeneity analysis reveals differential effects across industries and regions,with pronounced impacts observedin the secondary industry,the tertiary industry,and in sectors undergoing rapid technological evolution,as well as the first-tier cities of the digital economy and the eastern and central regions where digital technology is more concentrated.Furthermore,the study identifies three primary pathways through which digital finance drives high-quality ente

关 键 词：数字金融 企业高质量发展 信息不对称 融资约束 技术创新 企业效率 

分 类 号：F49[经济管理—产业经济] F832.51