数字金融何以抑制企业委托贷款活动

How Does Digital Finance Suppress Corporate Entrusted Loan

手工搜集整理2011—2020年A股非金融类上市公司的委托贷款交易数据,讨论了数字金融发展对企业委托贷款这一影子银行活动的影响及其作用机制。研究发现数字金融发展对企业委托贷款具有抑制作用,表现为企业委托贷款发放的概率和规模降低,且这一影响主要通过数字金融降低企业超额银行信贷、提高企业信息透明度来实现。进一步分析显示,数字金融还会影响企业的委托贷款发放频率及期限,且其覆盖广度与数字化程度对委托贷款的抑制作用更加明显;此外,数字金融对委托贷款具有纠错功能,可以修正传统金融中存在的属性错配、脱实向虚以及委托贷款逆信贷周期配置等问题。数字金融在降低企业委托贷款发放的同时,对促进其创新投入具有积极作用。本研究为明晰数字金融的微观效应、压降影子银行风险提供了经验证据。

Using the unique data on entrusted loans collected manually,this paper discusses in depth the impact of digital finance on enterprise entrusted loans as a shadow banking activity and its mechanism.It is found that digital finance has a dampening effect on enterprise entrusted loans,which is manifested by a decrease in the probability and size of enterprise entrusted loans,and this effect is mainly achieved through digital finance to reduce enterprise excess bank credit and to increase enterprise information transparency.Further analysis shows that digital finance also affects the frequency and maturity of entrusted loans,and its coverage and digitalization have a more significant inhibiting effect on entrusted loans.In addition,digital finance has an error correction function for entrusted loans,which can correct the problems of attribute mismatch,de-realization and reverse credit cycle allocation of entrusted loans that exist in traditional finance.Moreover,digital finance has a positive effect on promoting enterprise innovation investment while reducing the entrusted loan issuance.This study provides empirical evidence to clarify the micro effects of digital finance and to suppress the risk of shadow banking.