大力发展数字普惠金融是实现社会主体平等的必然要求,也是金融更好地服务实体经济、促进中国经济高质量发展的关键环节。本文深入探讨数字普惠金融对实体企业金融化的影响及其作用机制。结果发现,数字普惠金融对实体企业金融化具有一定的抑制作用。当金融投资回报率较高和影子银行规模较大时,数字普惠金融对企业金融化水平的抑制作用较强,这表明数字普惠金融通过降低金融投资回报率和缩小影子银行规模的渠道缓解企业金融化水平。进一步地,异质性检验表明,数字普惠金融对企业金融化的影响在市场竞争程度较低、东部地区以及非高科技企业样本中更为显著。从经济后果来看,数字普惠金融的发展能够降低企业金融化所引发的经营风险。本文的研究拓展了数字普惠金融与企业金融化的研究领域,对数字普惠金融的发展以及金融风险防范具有一定借鉴意义。
Abstract
Developing digital financial inclusion is an inevitable requirement for the realization of equality among social actors, and it plays a positive role in helping finance better serve the real economy and promote the high-quality and healthy development of the economy. Since the Chinese government first proposed to vigorously promote the development of financial inclusion in 2015, developing financial inclusion has always been a concern of the government. In addition, non-financial enterprises with financing advantages can raise funds at lower cost, so they can engage in shadow banking activities and lend surplus funds to small and medium-sized enterprises facing financing difficulties for profit, resulting in higher financialization of enterprises. Therefore, it is a very important topic to explore the impact of digital financial inclusion on the financialization of non-financial listed companies.
This paper uses the yearly data of non-financial A-share listed companies from 2011 to 2018 to discuss the impact of digital financial inclusion on corporate financialization and its mechanism. It is found that digital financial inclusion can help restrain enterprises' tendency to shift their capital from real economy to virtual economy. When the return of financial assets is high and the scale of shadow banking is large, digital financial inclusion has a stronger inhibitory effect on the corporate financial-ization, indicating that digital financial inclusion reduces the corporate financialization through the channels of shadow bank and the return of financial assets. Furthermore, the heterogeneity test shows that the impact of digital financial inclusion on corporate financialization is more significant for firms with low market competition, located in eastern region and operating in non-high-tech industry. Regarding the economic consequences, digital financial inclusion effectively mitigates the sensitivity of corporate financialization on business risks.
This article expands the scope of research on digital financial inclusion and corporate financialization. As well, it has practical implications for the development of digital financial inclusion and the prevention of financial risks.
关键词
数字普惠金融 /
企业金融化 /
影子银行 /
金融风险
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Key words
Digital Financial Inclusion /
Corporate Financialization /
Shadow Banking /
Financial Risk
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中图分类号：
F275
F830
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基金
*本文获国家社会科学基金重大项目“‘一带一路'投资安全保障体系研究”（19ZDA101）、国家自然科学基金项目“企业金融化与投资行为研究：基于产业公司设立私募基金的分析”（71902028）、国家社会科学基金项目“企业财务特征、治理环境对其退出产融结合的影响研究”（17BGL233）、北京市社会科学基金项目“北京有效防范化解金融风险研究”（20JCC087）、对外经济贸易大学优秀青年学者资助项目“人民币国际化与企业投资行为研究”（20YQ05） 资助
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