摘要
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.
作者
袁鲲
曾德涛
YUAN Kun;ZENG De-tao(Finance School,Guangdong University of Economics&Finance,Guangzhou 510320,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2020年第12期40-52,共13页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金面上项目(71573056)。
关键词
文本分析法
融资约束
数字金融
普惠金融
融资成本
textual analysis method
financing constraints
digital finance
inclusive finance
financing cost