金融科技与企业全要素生产率——“赋能”和信贷配给的视角

Financial Technology and Enterprise Total Factor Productivity——Perspective of “Enabling” and Credit Rationing

如何有效提升企业的全要素生产率是决定中国经济能否实现高质量发展的关键。金融科技能否依靠科技"赋能"传统金融机构,优化信贷资源配置,从而更好地服务实体经济呢?本文创新性地使用金融科技公司数量构建地区金融科技发展指标,利用2011—2018年A股上市公司数据,考察了金融科技发展对企业全要素生产率的影响及其机制。研究发现,金融科技能显著促进企业全要素生产率提高。使用工具变量、系统GMM以及DID估计缓解内生性后,结果依然稳健。机制分析表明,金融科技"赋能"降低了金融机构与企业之间的信息不对称,能在"量"上缓解企业融资约束,在"质"上提高信贷资源配置效率,这些都会显著促进企业全要素生产率提高。异质性分析表明,金融科技对提高企业全要素生产率的促进作用在小型民营企业、缺乏竞争的行业以及市场化进程缓慢的地区表现得更加明显。因此,在中国经济转型的关键时期,应持续推进金融科技发展,运用现代技术为金融"赋能",使金融更好地服务实体经济,从而促进中国经济的高质量发展。

How to effectively improve enterprises total factor productivity is the key to determining whether China’s economy can achieve high-quality development.Can financial technology empower traditional financial institutions and optimize the allocation of credit resources to better serve the real economy?In this paper,we construct a new regional financial technology(fintech)development indicator based on the establishment information of fintech companies.Using the data of A-share listed companies from 2011 to 2018,we investigate the impact of financial technology development on enterprises total factor productivity and its mechanism.First,empirical results show that the development of financial technology has a positive and significant effect on enterprises total factor productivity.This finding remains robust after we mitigate the endogeneity concern by using instrumental variables,system GMM method and DID.Further,we find that easing financing constraints and improving the efficiency of credit resource allocation are two potential channels.Finally,our heterogeneity analysis shows that the impact of the fintech development is more pronounced for firms with small size,firms faced with lower competition or firms located in regions with lower marketization.Therefore,in the critical period of China’s economic transformation,government should continue to promote the development of financial technology,and use modern technology to enable finance to better serve the real economy,so as to promote the high-quality development of China’s economy.