互联网金融发展能否有效缓解企业融资约束?--来自中国上市公司的经验证据

Can the Development of Digital Finance Effectively Alleviate Financing Constraints?Empirical Evidence from Chinese Listed Companies

本文通过梳理相关文献,从信息获取、声誉建设和融资匹配等方面阐述了互联网金融平台对比传统融资机构的服务优势,进而得出了互联网金融发展有效缓解企业融资约束的结论。基于此,进一步选取了2011—2015年中国A股上市公司数据作为样本,围绕互联网金融发展对企业融资约束的影响和作用机制展开实证检验。结果表明:从总体来看,互联网金融发展水平的提升,对企业融资约束存在显著的负向影响,即控制其他因素的影响,在互联网金融发展水平高的城市,企业面临的融资约束趋缓;从分项指标来看,数字金融的覆盖广度和使用深度也均能显著缓解企业的融资约束,且数字金融使用深度的影响更为明显,这意味着加快互联网金融发展从规模扩张向与实体产业更深层次融合推进,将更有利于降低企业融资约束;进一步经作用机制检验还表明,互联网金融可通过减少信息不对称、增强企业声誉以及降低股权资本的融资成本等路径来促进企业融资,实现对传统金融服务的补充。

The new generation of information technology is accelerating the deep integration of financial and physical industries.So,can the development of digital finance effectively alleviate the financing constraints of Chinese companies?To answer this question,this article first systematically combs the theoretical relationship between the digital finance and the financing constraints of Chinese enterprises,and further takes Chinese listed companies as a sample to empirically analyze the impact of digital finance on company’s financing constraints.(1)On the whole,the development of digital finance is conducive to significantly reducing the financing constraints of Chinese enterprises.In other words,in cities with high levels of digital finance,the degree of company’s financial constraints has decreased.(2)Furthermore,compared with the coverage of digital finance,the role of the depth of financial use can reduce the company’s financing constraints more significantly.(3)The mechanism test shows that the development of digital finance can eases corporate financing constraints by reducing information asymmetry,reducing the cost of equity capital and enhancing reputation value,which provides a complementary role for traditional finance.This article explores the theoretical relationship between digital finance and company’s financing constraints,but also provides empirical evidence for financial digital transformation and high-quality collaborative development of companies.