数字金融影响了企业融资约束吗  

Does Digital Finance Impact Corporate Financing Constraints

作　　者：吴嘉慧 顾海峰[1] 

机构地区：[1]东华大学,上海

出　　处：《金融》2023年第1期46-60,共15页Finance

摘　　要：文章基于2011~2020年沪深A股上市公司数据,采用固定效应模型实证分析数字金融对企业融资约束的影响。研究发现:1) 数字金融能够缓解企业融资约束;从传导机制看,数字金融可以通过降低融资门槛、债务融资成本和股权融资成本三条路径缓解企业融资约束,其中与股权融资成本相比,债务融资成本所发挥的中介作用更大。2) 政府干预弱化了数字金融对企业融资约束的缓解力度,但是金融监管有利于数字金融缓释企业融资约束。3) 数字金融对企业融资约束的影响存在异质性,即数字金融对民营企业、高数字化程度企业、经济落后地区的企业融资约束释缓力度更大。Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020, this paper uses a fixed effect model to empirically analyze the impact of digital finance on corporate financing constraints. The research finds that digital finance can alleviate the financing constraints of enterprises;from the perspective of transmission mechanism, the easing effect of digital finance on corporate financing constraints is partly attributed to the reduction of corporate financing threshold and financing costs. Compared with equity financing costs, debt financing costs play a greater intermediary role. In addition, government intervention weakens the ease of digital finance on cor-porate financing constraints. However, in the long run, financial supervision is conducive to digital finance to ease corporate financing constraints;the impact of digital finance on corporate financing constraints is heterogeneous, that is, digital finance has greater easing force on private enterprises, enterprises with high degree of digitalization, and enterprises in economically backward regions.

关 键 词：数字金融 融资约束 融资门槛 融资成本 政府干预 

分 类 号：F275[经济管理—企业管理] F832[经济管理—国民经济]