金融科技发展能否驱动企业去杠杆?

Can Fintech Development Drive Corporate De-Leverage?

金融科技已然成为当前金融的新兴业态,对经济主体行为产生了重要的影响。以金融科技为切入点,分析金融科技的发展能否驱动企业进行去杠杆。研究发现,金融科技的发展能够显著地抑制企业的杠杆率水平,这种抑制作用能够维持较长的一个时间。金融科技对于那些高杠杆企业而言,有着更好的去杠杆效果。进一步地,金融科技能够通过降低融资约束和财务费用,提升企业内部控制和风险稳定程度的渠道机制来实现杠杆率水平的降低,由此打开了"金融科技-企业杠杆率"之间的机制黑箱。最后,发现当前针对金融科技的监管政策可能存在一定的优化改进空间,过强的监管不利于金融科技去杠杆效应的释放,这需要进一步精细化的政策设计。本项研究的核心结论通过数字普惠金融指数的稳健性检验后依旧成立,研究的结论和政策建议有助于帮助金融监管部门合理引导金融科技发展,建构适宜的金融监管制度。

Financial technology has become an emerging form of financial industry and has an important impact on the behavior of economic entities. In view of this,this article uses financial technology as an entry point to analyze whether the development of financial technology can drive enterprises to de-leverage.The study found that the development of financial technology can significantly inhibit the level of leverage of enterprises,and this inhibition can last for a longer period of time.In particular,financial technology has a better leverage effect for highly leveraged companies. Further,financial technology can reduce the level of leverage by reducing financing constraints and financial costs,and improving the channel mechanism of internal control and risk stability of enterprises,thus opening up a black box of "financial technology-enterprise leverage ratio".Finally,the paper also finds that the current regulatory policies for financial technology may have some room for optimization and improvement.Excessive supervision is not conducive to the release of financial technology deleveraging effect,which requires further refined policy design.The core conclusions of this study are still established after the robustness test of the digital inclusive financial index.The conclusions and policy recommendations of this study will help financial regulatory authorities to rationally guide the development of financial technology and construct appropriate financial regulatory systems.