数字金融发展是否提升了企业投资效率——基于中国A股上市公司的证据  

Can the Development of Digital Finance Empower Enterprise Investment Efficiency——Evidence from Chinese A-share Listed Companies

作　　者：顾海峰[1] 沈樱 GU Haifeng;SHEN Ying(Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《湖南大学学报（社会科学版）》2024年第6期51-62,共12页Journal of Hunan University(Social Sciences)

基　　金：国家社会科学基金一般项目:银保协作模式下商业银行信用风险的生成、监测与防控研究(13BGL041);东华大学人文社科繁荣计划预研究重大项目:新发展格局下双支柱调控框架对银行风险的治理效应、实现机制及政策优化研究(2022Z001)。

摘　　要：选取中国A股上市公司数据考察数字金融对企业投资效率的影响机制。研究表明:数字金融对企业投资效率具有促进作用,且该作用在投资过度状态企业中更为明显。数字金融主要通过放宽企业的融资约束与降低贷款成本两个渠道来提升企业投资效率,“数字金融-融资约束/贷款成本-投资效率”的传导渠道均有效。环境不确定性与内控质量的提高均会促进数字金融对企业投资效率的提升效应。异质性分析表明,相对于低成长性与国有企业以及市场化程度低与金融监管强度高的地区企业,数字金融对高成长性与非国有企业以及市场化程度高与金融监管强度低的地区企业的投资效率的促进力度更大。This paper selects the data from Chinese A-share listed companies to examine the impact mechanism of digital finance on enterprise investment efficiency.The research shows that digital finance has a promotion effect on enterprise investment efficiency,and this promotion effect is more pronounced in over-invested enterprises.Digital finance mainly promotes enterprise investment efficiency through the dual channels of easing financing constraints and reducing loan cost.The transmission channels of“digital finance-financing constraint/loan cost-enterprise investment efficiency”are both effective.The improvement of environmental uncertainty and internal control quality will both intensify the promoting effect of digital finance on enterprise investment efficiency.Heterogeneity analysis shows that compared with low-growth and state-owned enterprises and enterprises in areas with low marketization degree and high financial supervision intensity,digital finance has greater promotion of investment efficiency for the enterprises with high-growth and non-state-owned enterprises and the enterprises in areas with high marketization degree and low financial supervision intensity.

关 键 词：数字金融 企业投资效率 融资约束 贷款成本 环境不确定性 内部控制 

分 类 号：F49[经济管理—产业经济] F832.5