数字金融能否提升上市企业价值?——理论机制分析与实证检验

Can Digital Finance Increase the Value of Listed Companies?:Theoretical Mechanism Analysis and Empirical Test

数字经济时代,区块链、人工智能等先进技术正逐步渗透到资本市场各个领域,为资本市场最为微观的上市企业价值增长提供有利契机。基于这一现实,本文以数字金融为切入点,在厘清其与企业价值之间理论机制的基础上,借助2011-2017年沪深A股上市企业数据,实证检验两者之间逻辑关系。研究揭示,数字金融发展能够显著地提升上市企业价值,并且这种提升作用具有长期性和纵向延伸性;考虑到企业自身属性以及所处外部环境的异质性,数字金融对企业价值的提升作用出现显著差异;从机制路径来看,数字金融不仅能够通过改善金融结构的渠道促成企业价值提升,也能借助提升信息披露质量的方式强化企业价值;但是在金融强监管下,数字金融对企业价值的促进作用被严重弱化。据此,在金融供给侧结构性改革背景下,应妥善推进资本市场数字化革新,有效借助数字监管手段,保障数字金融在提升上市企业价值过程中的创新驱动效能,助力资本市场高质量运行。

In the era of the digital economy,advanced technologies such as blockchain and artificial intelligence are gradually penetrating into areas of the capital market,providing favorable opportunities for the value growth of the most micro-listed companies in the capital market.Based on this reality,this article takes digital finance as the breakthrough point,clarifies the theoretical mechanism between digital finance and corporate value,and empirically tests the logical relationship between them using the data of Shanghai and Shenzhen A-share listed companies from 2011 to2017.Research reveals that the development of digital finance can significantly increase the value of listed companies,and this promotion has a long-term and vertical extension.Considering the differences of the company’s own attributes and external environment,digital finance has significantly different effects on the promotion of corporate value.From the perspective of the mechanism,digital finance can not only promote the enhancement of corporate value through channels that improve financial structure,but also strengthen corporate value by improving the quality of information disclosure.However,under strong government financial supervision,the role of digital finance in promoting corporate value has been severely weakened.Based on this,in the context of financial supply-side structural reform,it is necessary to properly promote digital innovation in the capital market,effectively use digital supervision methods,ensure the innovation-driven efficiency of digital finance in the process of increasing the value of listed companies,and help high-quality capital market operations.