金融科技对企业财务风险的影响及其内在机理——兼论金融监管的门槛效应

The Impact of Fintech on Corporate Financial Risk and Its Internal Mechanism: On the Threshold Effect of Financial Regulation

基于2011—2018年沪深两市A股上市公司数据,探讨金融科技对企业财务风险的影响及其内在机理。研究发现,金融科技发展对降低企业财务风险存在驱动效应,且二者的关系是非线性的。特别地,金融科技对企业财务风险抑制作用的发挥离不开有效的金融监管。在较强的金融监管约束下,金融科技发展对企业财务风险的抑制作用更加明显。进一步来看,在金融市场发达地区和科技型企业中,金融科技对企业财务风险呈现更强的抑制效果;金融监管强化了金融市场欠发达地区和科技型企业中金融科技对企业财务风险的抑制作用。机制分析表明,金融科技发展能够有效缓解企业融资约束问题,并能够提高企业投资效率,这些都有助于降低企业财务风险水平。

Based on the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2011 to 2018,this research explores the impact of Fintech on corporate financial risk and its internal mechanism.It is found that the development of Fintech has a driving effect on the reduction of corporate financial risks.The relationship between them is nonlinear.In particular,financial regulation has the inhibiting effect of Fintech on corporate financial risk.Under the stronger constraints of financial regulatory,the Fintech development has more obvious inhibitory effect on corporate financial risk.Further,in regions with developed financial markets and technology-based corporates,Fintech has a stronger restraining effect on corporate financial risk.Financial regulation has strengthened the restraining effect of Fintech on corporate financial risk in regions with lessdeveloped financial markets and technology-based corporates.The mechanism analysis shows that Fintech development is contributed to solving the problem of financing constraints and improving the efficiency of investment,which are conducive to reducing the level of corporate financial risk.