企业金融化与数字技术应用:促进还是抑制?

Enterprise Financialization and Digital Technology Application:Promote or Inhibit?

基于中国沪深两市上市企业2008-2018年数据,采用大数据文本识别手段来刻画企业数字技术应用水平,并实证检验金融化对数字技术应用的影响。结果表明,金融化程度越高,则企业数字技术应用水平会显著下降,对非国有企业和高科技企业而言更是如此。具体而言,企业金融化通过提升融资约束和融资成本、提升盈余管理和金融杠杆、降低研发投入和创新产出三种路径对数字技术应用造成冲击。较强的金融监管能够有效地降低企业金融化对企业数字技术应用的负面冲击。因此,应谨慎对待企业的金融化行为,强化对企业金融化的差异性监管制度供给,切实构建有助于企业数字技术发展的多层次金融支持体系,加快企业数字化转型。

Based on the 2008-2018 data of listed companies in China’s Shanghai and Shenzhen stock markets,this paper uses big data text recognition methods to characterize the level of digital technology application of companies,and empirically examines the impact of financialization on digital technology applications.The study finds that the higher the degree of financialization,the level of digital technology application of enterprises will drop significantly,especially for non-state-owned enterprises and high-tech ones.Specifically,the three paths of corporate financialization have impacted the application of digital technology by increasing financing constraints and financing costs,improving earnings management and financial leverage,and reducing R&D investment and innovation output.In this situation,only strong financial supervision can minimize the negative impact of corporate financialization on the application of corporate digital technology.Therefore,we should be cautious about the financialization of enterprises,strengthen the supply of differentiated regulatory systems for the financialization of enterprises,and effectively build a multi-level financial support system that is conducive to the development of corporate digital technology to accelerate the digital transformation of enterprises.