信贷专业化与企业数字化转型——基于企业融资能力和风险承担视角  

Lending Specialization and Enterprise Digital Transformation:Based on the Perspective of Borrowing Ca⁃pacity and Risk Taking

作　　者：傅东平 顾邯沙 Fu Dongping;Gu Hansha

机构地区：[1]贵州财经大学经济学院,贵州贵阳550025

出　　处：《金融理论与实践》2025年第1期75-87,共13页Financial Theory and Practice

基　　金：国家自然科学基金项目“区域房价不平衡上涨的财富分配效应及政策协调研究”(71964006)的阶段性成果。

摘　　要：行业生态的信贷专业化在推动企业高质量发展过程中能够发挥重要作用。以2011—2022年沪深A股上市公司数据为样本,探究信贷专业化对企业数字化转型的影响及其作用机制。研究发现,信贷专业化水平的提高能够显著促进企业数字化转型。机制检验表明,信贷专业化通过优化企业外部融资和提高风险承担能力两个渠道推动企业数字化转型。异质性分析显示,信贷专业化对企业数字化转型的促进作用主要体现在非国有企业、中小规模企业以及高科技行业的企业样本中。拓展性分析进一步表明,银行竞争及科技与金融结合试点政策在信贷专业化促进企业数字化转型过程中具有协同效应。同时,信贷专业化能够显著提升企业全要素生产率。Specialized lending based on industry ecosystems can play a pivotal role in promoting high-quality enterprise development.Using data from Shanghai and Shenzhen A-share listed companies between 2011 and 2022,this study investigates the impact of lending specialization on firms’digital transformation and its underlying mechanisms.The findings show that higher levels of lending specialization significantly facilitate firms’digital transformation.Mechanism tests indicate that lending specialization drives digital transformation through two channels:optimizing firms’external financing and enhancing their risk-taking capacity.Further heterogeneity analyses reveal that the positive impact of lending specialization on digital transformation is most pronounced among non state-owned enterprises,small and medium-sized firms,and those in high-tech industries.Additional analyses suggest that both banking competition and pilot policies integrating technology and finance have a synergistic effect on the relationship between lending specialization and enterprise digital transformation.Meanwhile,lending specialization also substantially increases total factor productivity.

关 键 词：信贷专业化 金融供给侧改革 企业数字化转型 信息不对称 

分 类 号：F832.4[经济管理—金融学]