何以驱动企业债务融资降成本——基于数字金融的效用识别、异质性特征与机制检验

How Can Corporate Debt Financing Costs Be Driven Down? Utility Identification,Heterogeneity Characteristics, and Mechanism Inspection in Digital Finance

借助沪深两市上市企业2011~2017年的数据集,研究"数字金融--企业债务融资成本"之间的关系,研究发现,数字金融有助于降低企业债务融资成本,并有着显著的动态叠加效果;随着企业债务融资成本的上升,数字金融对其降低效果呈现出"先上升后下降"的趋势。特别地,只有处于较好发展状态下的数字金融,才能发挥对企业融资的"降成本"功效。从传导机制来看,数字金融发展能够有效提升企业内部控制水平、降低企业杠杆率并减少盈余管理活动的发生,这些都有助于降低企业债务融资成本。研究结论有助于政府部门合理有效引导数字金融发展,从而在企业融资"降成本"进程中发挥重要作用。

Using the data sets of listed companies on the Shanghai Stock Exchange and the Shenzhen Stock Exchange from 2011 to 2017,this study investigated the relationship between digital finance and corporate debt financing costs.Digital finance was found to help reduce corporate debt financing costs and had a significant dynamic superposition effect. With the increase in corporate debt financing costs,digital finance has demonstrated a trend of"increasing and then decreasing"in its effect on reducing corporate debt financing costs.Only digital finance in a well-developed state could have a"cost reduction"effect on corporate financing.From the perspective of transmission mechanism,digital finance could effectively improve the level of corporate internal control,reduce the corporate leverage ratio,and reduce earnings management activities,all of which could help reduce corporate debt financing costs.The conclusions drawn herein could help government agencies guide the development of digital finance in a reasonable and effective manner,thus playing an important role in the process of"cost reduction"in corporate financing.