数字金融如何促进民营企业成长——基于金融监管与管理者能力的调节效应

Digital Finance and Private Enterprise Growth——Regulatory Effect Based on Financial Regulation and Management Ability

民营企业作为我国经济体系的重要组成部分,是我国经济实现高质量发展的关键力量。文章借助沪深两市企业数据,系统探究数字金融对民营企业成长的影响。研究发现,数字金融能够显著推动民营企业成长。相较数字金融覆盖广度,数字金融使用深度所产生的驱动作用更为强劲。且数字金融对民营企业成长的助推作用在金融业竞争程度较小、注册资本较少的民营企业中更为显著。机制研究表明,数字金融能够有效缓解民营企业长期面临的“融资难、融资贵”问题,并能够降低民营企业的杠杆水平,进而助力民营企业成长。进一步研究发现,较强的金融监管能够强化数字金融对民营企业成长的正向作用;管理者能力越强,数字金融对民营企业成长的驱动作用更显著。本文的研究结论丰富了数字金融影响民营企业成长的研究成果,并为民营经济的发展提供理论依据和政策参考。

As an important part of China’s economic system,private enterprises are a key force in achieving high-quality development of China’s economy.This paper systematically explores the impact of digital finance on the growth of private enterprises with the help of enterprise data in Shanghai and Shenzhen.The study finds that digital finance can significantly promote the growth of private enterprises.Compared with the breadth of digital finance coverage,the driving effect of the depth of its usage is more powerful.The driving effect of digital finance on private enterprise growth is more significant in private enterprises with less competition in the financial industry and less registered capital.The study of mechanism shows that digital finance can effectively alleviate the long-standing problem of“difficult and expensive financing”faced by private enterprises,and can reduce the leverage level of private enterprises,thus helping them to grow.Further study finds that stronger financial regulation can strengthen the positive effect of digital finance on the growth of private enterprises;the stronger the capacity of regulators,the more significant the driving effect of digital finance on the growth of private enterprises.The findings enrich the research results of digital finance affecting private enterprise growth and provide theoretical basis and policy reference for the development of private economy.