数字金融、金融监管与出口扩张——来自中国工业企业的证据

Digital Finance,Financial Supervision and Export Expansion:Evidence from China’s Industrial Enterprises

文章基于中国工业企业数据,采用Heckman两阶段模型揭示了我国数字金融发展对企业出口二元边际的影响和作用机制,并考察了金融监管在其中发挥的调节作用。研究发现:第一,数字金融能够显著促进我国企业出口二元边际的扩张,在细分数字金融指标维度和区分企业所在地区、行业要素密集度之后,此结果依然稳健。第二,相比于数字金融广度,数字金融深度的加强对企业出口扩张的促进作用更加持续有力。第三,中介效应检验显示,数字金融发展能够通过缓解融资约束、提升地区创新水平、促进生产性服务业发展这三种渠道推动企业出口扩张。第四,通过进一步分析发现,金融监管在数字金融发展促进企业出口扩张过程中发挥了显著的U型调节效应。

Based on Chinese industrial enterprises data,this paper uses Heckman two-stage model to reveal the impact and mechanism of China’s digital finance development on the dual margin of the enterprises’export,and investigate the moderating effect of financial supervision.The results show that:first,digital finance can significantly promote the expansion of the dual margin of China’s enterprises’export.After subdividing the dimensions of digital finance indicators and distinguishing the enterprises’locations and industrial factor intensity,this result is still robust;second,compared with the breadth of digital finance,the enhancement of the depth of digital finance has more sustainable and strong promotion effect on the expansion of the enterprises’export;third,the mediation effect test shows that the development of digital finance can give impetus to the expansion of the enterprises’export through three channels of easing financial constraints,improving regional innovation level,and promoting producer services development;fourth,further analysis reveals that financial supervision exerts a significant U-shaped moderating effect in the process of the expansion of the enterprises’export promoted by digital finance development.