金融监管强化视角下企业金融化与数字化转型研究  

Research on Enterprise Financialization and Digital Transformation from the Perspective of Strengthening Financial Regulation

作　　者：杨志豪 王茂斌[2] YANG Zhihao;WANG Maobin(Postdoctoral Research Station,Agricultural Bank of China,Beijing 100005,China;School of Finance,University of International Business and Economics,Beijing 100029,China;Postdoctoral Research Station,University of International Business and Economics,Beijing 100029,China)

机构地区：[1]中国农业银行博士后科研工作站,北京100005 [2]对外经济贸易大学金融学院,北京100029 [3]对外经济贸易大学博士后科研流动站,北京100029

出　　处：《技术经济与管理研究》2024年第11期101-106,共6页Journal of Technical Economics & Management

基　　金：国家自然科学基金面上项目(71873032)。

摘　　要：企业数字化转型是国家数字经济高质量发展的实现途径,稳定持续的金融资源注入是保障其有效开展的重要前提。以企业金融化为切入点,探究金融化在企业数字化转型进程中的影响效应与可能路径,在此基础上将金融监管因素纳入研究框架。研究发现:第一,金融化会降低企业数字化转型效率。第二,“国有企业—非国有企业”“高科技企业—非高科技企业”“成长期企业—成熟期企业—衰退期企业”,在较强的金融监管强度下,金融化对上述企业均不会产生负面冲击。第三,企业数字化转型有助于降低企业非效率投资,提升企业价值水平。据此,基于有效金融监管下的企业金融行为,才能够更好地将数字化转型的活力注入实体经济中去。The digital transformation of enterprises is a way to realise the high-quality development of the national digital economy,and the injection of stable and sustainable financial resources is an important prerequisite for its effective development.This paper explores the effects and possible paths of financialisation in the process of enterprise digital transformation,based on which financial regulatory factors are included in the research framework.The study finds that,firstly,financialisation reduces the digital transformation of enterprises.Secondly,whether it is'state-owned enterprises or non-state-owned enterprises','high-tech enterprises or non-high-tech enterprises','growth stage enterprises,mature firms or declining firms',financialisation does not have a negative impact on such firms under stronger financial regulation.Thirdly,the digital transformation of firms helps to reduce inefficient investment in firms and achieve an increase in the level of firm value.Accordingly,corporate financial behaviour based on effective financial regulation can better inject the dynamism of digital transformation into the real economy.

关 键 词：企业金融化 数字化转型 金融监管 数字经济 

分 类 号：F830[经济管理—金融学]