数字普惠金融对企业过度负债的影响——以金融摩擦为视角

The Impact of Digital Inclusive Finance on Corporate Over-indebtedness:A Financial Friction Perspective

保持企业债务处于合理区间、降低企业过度负债是防范系统性金融风险重要的微观举措。利用2012—2021年中国沪深上市公司作为研究样本,研究数字普惠金融对企业过度负债的影响。结果表明,数字普惠金融能有效减少企业过度负债,该结论经过一系列稳健性及内生性检验后依旧成立。机制检验发现,数字普惠金融通过缓解企业金融摩擦从而抑制过度负债。异质性分析显示,数字普惠金融对企业过度负债的抑制效应在未被纳入政策支持性产业、无金融背景高管等原有金融摩擦严重的样本中更为显著。

Maintaining corporate debt at prudent levels and mitigating excessive indebtedness are crucial microeconomic strategies for preventing systemic financial risks.This study analyzes the impact of digital inclusive finance on corporate over-indebtedness using a sample of Chinese A-share listed companies from 2012 to 2021.The findings indicate that digital inclusive finance significantly reduces corporate over-indebtedness,a conclusion that remains robust through various rigorous tests for robustness and endogeneity.Further mechanism analysis reveals that digital inclusive finance effectively alleviates corporate over-indebtedness by reducing financial frictions.Notably,this mitigating effect is particularly pronounced in cases where companies face severe pre-existing financial frictions,such as those not included in policy-supported industries and those led by executives without a financial background.