金融科技与资产结构配置:效应与机制  

Fintech and asset structure allocation:Effect and mechanism

作　　者：许志勇 张梦 张少勇 艾万谋 XU Zhiyong;ZHANG Meng;ZHANG Shaoyong;AI Wanmou(School of Accounting,Hubei University of Economics,Wuhan 430205,China;Hubei Accounting Development Research Center,Wuhan 430205,China;不详)

机构地区：[1]湖北经济学院会计学院,湖北武汉430205 [2]湖北会计发展研究中心,湖北武汉430205

出　　处：《中国软科学》2025年第2期208-224,共17页China Soft Science

基　　金：国家社会科学基金一般项目“资产结构错配与企业高质量发展的形成机理、作用机制与防控对策研究”(22BGL032)。

摘　　要：金融科技助推金融活水流入实体经济的重点领域和薄弱环节,在提高金融的普惠性、韧性方面都发挥着非常关键的作用。金融科技是赋能实体经济高质量发展,优化企业资产结构配置的助推器。基于2011—2021年中国A股非金融类上市公司数据,考察金融科技对资产结构配置偏差即企业资产结构错配的影响,并检验其作用机制及潜在的异质性。研究发现:金融科技能显著抑制企业资产结构错配,优化了企业资产结构配置,经过一系列内生性处理与稳健性检验后,结论依然成立。调节效应显示:高管纵向兼任和金融监管对金融科技与资产结构错配关系起到显著的正向调节作用,强化了金融科技对资产结构错配的抑制作用;银行持股起到了显著的负向调节作用,弱化了金融科技对资产结构错配的抑制作用。中介机制表明:企业金融化和代理成本起到了遮掩效应,金融科技通过提升企业金融化水平、降低代理成本,进一步抑制了企业资产结构错配。异质性分析发现:在非高科技、重资产、东部地区、高融资约束、低ESG表现和低数字经济区域的企业中,金融科技对资产结构错配的抑制作用更明显。进一步研究发现:金融科技通过抑制资产结构错配,推进了企业全要素生产率与社会责任的提升。Fintech plays a crucial role in promoting the flow of financial vitality into key areas and weak links of the real economy,and in improving the inclusiveness and resilience of finance.Fintech is a booster that empowers the high-quality development of the real economy and optimizes the allocation of enterprise asset structure.Based on the data of China’s A-share non-financial listed companies from 2011 to 2021,this paper examines the impact of Fintech on enterprise asset structure mismatch,and examines its mechanism and potential heterogeneity.Research has found that fintech can significantly suppress the mismatch of corporate asset structure and optimize the allocation of corporate asset structure.After a series of endogeneity treatments and robustness tests,the conclusion still holds.The moderating effect shows that vertical interlock and financial regulation have a significant positive moderating effect on the mismatch between fintech and asset structure,strengthening the inhibitory effect of fintech on asset structure mismatch;The shareholding of financial institutions has played a significant negative moderating effect,weakening the inhibitory effect of fintech on asset structure mismatch.The intermediary mechanism indicates that corporate financialization and agency costs have played a masking effect,and fintech has further suppressed asset structure mismatches by improving corporate financialization levels and reducing agency costs.Heterogeneity analysis found that in non high tech,heavy asset,eastern regions,high financing constraints,low ESG performance,and low digital economy regions,the inhibitory effect of fintech on asset structure mismatch is more pronounced.Further research has found that fintech suppresses asset structure mismatch and promotes the improvement of total factor productivity and social responsibility of enterprises.

关 键 词：金融科技 资产结构错配 金融监管 企业金融化 代理成本 ESG表现 

分 类 号：F275[经济管理—企业管理] F830.9[经济管理—国民经济]