银行金融科技对企业杠杆操纵的影响  

A Study on the Impact of Bank Fintech on Corporate Leverage Manipulation

作　　者：郭娜 胡丽宁 GUO Na;HU Li-ning(School of Finance,Tianjin University of Finance and Economics,Tianjin,300222,China;Research Center for Finance and Insurance,Tianjin University of Finance and Economics,Tianjin,300222,China)

机构地区：[1]天津财经大学金融学院,天津300222 [2]天津财经大学金融与保险研究中心,天津300222

出　　处：《经济管理》2024年第10期147-166,共20页Business and Management Journal ( BMJ )

基　　金：国家社会科学基金项目“金融科技、银行信贷资源配置与实体经济高质量发展研究”(23FJYB033);教育部人文社会科学研究青年项目“经济政策不确定性、混频高维关联与金融市场尾部风险传染效应研究”(23YJC790038);国家自然科学基金青年项目“系统性风险防范视角下我国货币政策与宏观审慎政策协调机制研究”(71903142)。

摘　　要：杠杆操纵会加剧企业财务风险、降低信贷资源配置效率,进而影响经济高质量发展。而借助金融科技对商业银行经营模式与信贷决策进行变革,能够对企业杠杆操纵行为进行识别和约束。鉴于此,本文以2010—2022年商业银行和沪深A股上市公司为样本,以企业逐笔贷款为银企信息链接,研究了银行金融科技对企业杠杆操纵的影响和作用机制。实证结果表明,银行金融科技发展能够抑制企业杠杆操纵行为,该结果经过一系列内生性和稳健性检验后依然稳健。机制检验表明:金融科技能够充分发挥银行信贷资源效应与监督效应,从缓解企业融资约束与加强企业监督两方面约束其杠杆操纵行为。进一步研究表明,银行金融科技在资产规模较大、非制造业及去杠杆程度较高的企业样本中抑制作用更为显著。本文从金融科技赋能商业银行的视角对企业杠杆操纵影响因素进行考察,研究结论对于深化供给侧结构性改革、提升金融服务实体经济效率及促进经济高质量发展有一定的理论与实践意义。Leverage manipulation will exacerbate corporate financial risk,reduce the efficiency of credit resource allocation and thus affect the high-quality development of the economy,while FinTech can identify and restrain corporate leverage manipulation with its advanced technology to change the business model and credit decision-making of commercial banks.In view of this,this paper takes commercial banks and A-share listed companies in Shanghai and Shenzhen as research samples from 2010 to 2022,and takes the enterprise loan-by-loan as the information link between the bank and the enterprise,and researches the impact and mechanism of bank fintech on the leverage manipulation of enterprises.The empirical results show that bank fintech development can inhibit corporate leverage manipulation,and this result remains robust after a series of endogeneity and robustness tests.The mechanism test shows that FinTech can give full play to the bank credit resource effect and supervision effect,and inhibit corporate leverage manipulation from both alleviating corporate financing constraints and enhancing supervision of corporations.Heterogeneity analysis shows that the inhibitory effect of bank fintech is more significant in samples of firms with larger asset sizes,non-manufacturing industries and higher degree of deleveraging.The marginal contribution of this paper is mainly reflected in the following:first,it provides a new empirical basis for promoting the high-quality development of the real economy under the background of China's prosperous development of the digital economy,and this paper,with the information link of the enterprise loan-by-loan,is able to better explore the path of the financial service of the real economy,and to assess the real economy effect played by the bank's fintech;second,it starts with identifying the motivation of the enterprise's shadow banking And based on the shadow banking business of different chains,the mechanism of suppressing shadow banking of non-financial enterprises is examined through the

关 键 词：银行金融科技 杠杆操纵 资源效应 监督效应 

分 类 号：F832.4[经济管理—金融学]