区际差异、数字金融发展与企业融资约束——基于文本分析法的实证检验

Regional Differences, Digital Finance Development and Firm Financing Constraints——An Empirical Test Based on Textual Analysis Method

本文采用python文本分析法构建2011—2018年A股上市公司融资约束度量指标,并与北京大学数字普惠金融指数的地级市层面数据进行匹配,检验了数字金融与企业融资约束之间的关系。研究表明,在考虑了内生性等问题后,数字金融的推广对企业融资约束有显著的缓解作用,这得益于数字金融的覆盖广度、使用深度以及数字化程度的协同发展。数字金融的发展对于经济较为落后的地区、受到信贷歧视的民营企业有更强的融资约束缓释作用,体现了数字金融的普惠性特征。在进一步的机制分析中发现,数字金融对融资约束的缓解作用可以部分归因于数字金融发展降低了企业的债务融资成本。

This paper firstly applied python textual analysis method to construct the financing constraints measuring index of 2011-2018 A-share listed companies,then matched with the prefecture-level cities’data of Peking University Digital Inclusive Financial Index,and finally tested the relationship between digital finance and corporate financing constraints.After considering other influencing factors,like endogenousness,we found that,the promotion of digital finance could significantly ease corporate financing constraints,which owed a great deal to the coordinated development of the coverage,the depth of use and the digitalized level of digital finance.The easing effect of digital finance was more evident in economically backward regions and the enterprises with credit discrimination,which had reflected the inclusive characteristics of digital finance.Further analysis on the mechanism showed that,the easing effect of digital finance could been partially ascribed to its development having lowered enterprises’debt financing cost.