摘要
数字金融已经成为提升企业投资效率的新动能。选取我国A股企业2012—2020年数据,运用中介模型和工具变量法,从融资约束、债务融资成本及金融错配等视角研究数字金融对企业非效率投资的作用及其传导路径。研究表明:数字金融对企业非效率投资具有抑制作用;数字金融的广度、深度和数字化程度均在不同程度上抑制企业的非效率投资;数字金融能够通过融资约束、债务融资成本及金融错配等间接路径抑制企业的非效率投资;数字金融对企业非效率投资的抑制作用在非国有企业及规模较大的企业中更为显著。建议缩小不同地区数字金融的发展差异,进一步挖掘数字金融的发展路径并加强数字金融的监管力度。
Digital finance has become a new driving force to improve enterprise investment efficiency. Using the data of Chinese A-share enterprises from 2012 to 2020,the intermediary model and instrumental variable method are used to study the role and transmission path of digital finance on inefficiency investment of enterprises from the perspectives of financing constraints,debt financing costs and financial mismatch. The results show that digital finance has a restraining effect on enterprises’ inefficient investment;The breadth,depth and digitization degree of digital finance inhibit the inefficiency investment of enterprises in different degrees. Digital finance can restrain enterprises’ inefficient investment through financing constraints,debt financing costs and financial mismatch. The inhibitory effect of digital finance on inefficiency investment of enterprises is more significant in nonstate-owned enterprises and larger enterprises. It is suggested to narrow the development differences of digital finance in different regions,further explore the development path of digital finance and strengthen the supervision of digital finance.
作者
翁旻
WENG Min(School of Economic and Management,Huaiyin Normal University,Huai an,Jiangsu 223001)
出处
《淮阴师范学院学报（哲学社会科学版）》
2022年第5期463-471,477,539,共11页
Journal of Huaiyin Teachers College(Social Sciences Edition)
基金
2022年度江苏高校哲学社会科学研究项目“数字金融对江苏省小微企业成长性研究”(2022SJYB1922)。
关键词
数字金融
企业非效率投资
融资约束
债务融资成本
金融错配
中介作用
Digital Finance
Inefficient Investment by Enterprises
Financing Constraints
Debt Financing Costs
Financial Mismatch
Intermediary Effect
