数字金融对民营企业担保贷款的影响研究  

A Study on the Impact of Digital Finance onGuaranteed Loans for Private Enterprises

作　　者：黄阳 倪晓霞 刘磊[1] HUANG Yang;NI Xiaoxia;LIU Lei(Jinling Institute of Technology,Nanjing 211169,China;Shaoxing University Yuanpei College,Shaoxing 312000,China)

机构地区：[1]金陵科技学院商学院,江苏南京211169 [2]绍兴文理学院元培学院,浙江绍兴312000

出　　处：《金陵科技学院学报（社会科学版）》2024年第4期12-21,共10页Journal of Jinling Institute of Technology(Social Sciences Edition)

基　　金：国家社会科学基金项目“家族企业‘反向混改’的财务效应及情境依赖机制研究”(21BGL112);金陵科技学院高层次人才科研启动项目“国有资本参股家族企业的财务效应及治理机制研究”(jit-b-202316)。

摘　　要：以2013—2022年沪深A股民营上市公司为样本,探究数字金融对民营企业担保贷款的影响及其作用机制。研究发现:数字金融发展有助于降低民营企业担保贷款比例,且此效应长期存在,数字金融的覆盖广度和使用深度均能发挥上述效用。机制分析表明,数字金融通过提升企业内部控制质量和信息透明度,以及降低企业杠杆率来减小民营企业担保贷款比例。异质性检验结果显示,数字金融对民营企业担保贷款的影响在小规模企业、无政治关联企业和强金融监管下的企业中表现得更加显著。针对研究结论,提出以下建议:政府应发挥战略引领作用,加大对数字金融的支持力度,帮助金融行业拓宽数字金融覆盖面,提升数字金融使用深度;传统金融机构应充分利用数字技术,精准识别企业状况,实现数字金融对民营企业更精准的融资帮扶;相关部门应尽快明确对数字金融的监管责任,制定相关法规和制度,完善行业规范,健全数字金融监管体系。Taking A-share listed private companies in Shanghai and Shenzhen from 2013 to 2022 as a sample,the impact of digital finance on guaranteed loans for private enterprises and its mechanism of action are explored.The study finds that the development of digital finance can help reduce the proportion of guaranteed loans for private enterprises and the effect continues over time,and that both the breadth of coverage and the depth of use of digital finance can achieve the above-mentioned effects.Mechanism analysis shows that digital finance reduces the proportion of guaranteed loans for private enterprises by improving the quality of enterprises internal controls and information transparency,as well as lowering enterprises leverage ratios.The results of heterogeneity test show that the impact of digital finance on guaranteed loans for private enterprises is more significant for the enterprises that are small-scale,politically unconnected and under strong financial regulation.In response to the findings of the study,the following suggestions are put forward:The government should play a strategic leading role,increase support for digital finance,help the financial industry to broaden the coverage of digital finance,and enhance the depth of the use of digital finance;Traditional financial institutions should make full use of digital technology,accurately identify the status of enterprises,and achieve more accurate financing assistance for private enterprises through digital finance;Relevant departments should clarify their regulatory responsibilities for digital finance as soon as possible,formulate relevant regulations and systems,improve industry norms,and establish a sound digital financial regulatory system.

关 键 词：数字金融 民营企业 担保贷款 金融监管 

分 类 号：F830.5[经济管理—金融学]