数字金融、融资约束与企业可持续发展

Digital Finance,Financing Constraints,and Enterprise Sustainable Development

以2012—2019年我国A股上市公司为研究对象,探究数字金融对企业可持续发展的影响。研究结果表明,数字金融能够显著提升企业的可持续发展能力,融资约束在二者之间发挥中介作用;数字金融的覆盖广度、使用深度均会对企业可持续发展能力产生正向影响,但使用深度影响更显著;数字金融提升企业可持续发展能力的效果在中小企业和法律制度环境较好的地区更为显著。

This article takes A-share listed companies in China from 2012 to 2019 as the research object,and empirically tests the relationship between digital finance and corporate sustainable development.The results show that digital finance can significantly improve the sustainable development ability of enterprises,and financing constraints play an intermediary role between the two.Further research found that the breadth of coverage and depth of use in digital finance have a positive impact on the sustainable development capacity of enterprises,especially in the depth of use.At the same time,the effect of the enterprises sustainable development capacity enhanced by digital finance is more conducive to small and medium-sized enterprises and areas with a better environment on account of the legal system.