金融结构与企业发展韧性:影响效应及作用机制  

Financial Structure and Enterprise Development Resilience:Impact Effects and Mechanisms Test

作　　者：胡海峰[1,2,3,4,5,6] 张烨[7] HU Haifeng;ZHANG Ye

机构地区：[1]北京师范大学经济与工商管理学院金融系 [2]教育部金融学类专业教学指导委员会 [3]中国国际金融学会 [4]世界经济学会 [5]中华外国经济学说研究会 [6]北京区域经济学会 [7]北京师范大学经济与工商管理学院

出　　处：《学习与实践》2025年第2期64-75,F0002,共13页Study and Practice

基　　金：国家社会科学基金重大项目“新发展格局下提高直接融资比重优化金融结构与经济高质量发展研究”(项目编号:21&ZD111);国家社会科学基金重点项目“中国资本市场韧性的影响因素、测度与提升路径研究”(项目编号:21AJL012)。

摘　　要：优化金融结构,提高资源配置效率,对推动企业高质量发展具有重要意义。基于2013-2022年我国沪深A股上市公司的研究发现,相比银行主导型金融结构,市场主导型金融结构更有助于企业发展韧性的提升;金融结构市场化主要通过增强资源获取能力、提高风险承担水平和改善协同治理状况促进企业韧性发展;对外融资依赖程度越高、管理层持股比例越高的企业,市场型金融结构对其发展韧性的积极影响更为显著;当金融发展水平超过一定门槛值时,金融结构市场化的积极作用才逐渐显露。此外,数字金融在金融结构与企业韧性的关系中发挥着正向调节作用。因此,健全中国特色多层次资本市场体系,加快全面实施注册制改革,积极发展债券市场、风险投资等直接融资渠道,加强银行间竞争,以促进金融结构向市场化转型,进而提升企业发展韧性。Optimizing the financial system structure and improving the efficiency of resource allocation are of great significance for ensuring high-quality development of enterprises.Based on data from A-share listed companies in China from 2013 to 2022,this paper has found that compared to bank led financial structures,market led financial structures are more conducive to enhancing the resilience of enterprise development.The marketization of financial structure mainly promotes the resilience of enterprises by improving their resource acquisition abilities,risk-taking level,and collaborative governance status.The higher degree of dependence on external financing,and the higher the proportion of management shareholding,the more significant the positive impact of market-oriented financial structure on their development resilience.Further research has found that when the level of financial development exceeds a certain threshold,the positive role of market-oriented financial structure gradually emerges.Besides,digital finance plays a positive regulatory role in the relationship between financial structure and enterprise resilience.Therefore,it is necessary to improve the multi-level capital market system,accelerate the comprehensive implementation of the registration-based reform,actively develop direct financing channels such as the bond market and venture capital,and strengthen competition among banks.These measures can promote the transformation of financial structure towards marketization and then enhance the resilience of enterprise development.

关 键 词：金融结构 企业发展韧性 金融发展水平 数字金融 

分 类 号：F832[经济管理—金融学] F275