数字金融是否提升了制造业企业出口产品质量——兼论金融脆弱度的调节效应

Has Digital Finance Improved the Quality of Export Products of Manufacturing Firms——On the Moderating Effect of Financial Fragility

本文实证分析了数字金融对企业出口产品质量的影响,并验证了其理论机制。研究结果表明,数字金融显著促进了企业出口产品质量升级。异质性分析显示,数字金融对东部地区企业、多产品与低技术产品企业、目的国为发达国家的企业,其出口产品质量促进作用均更显著。机制检验发现,缓解融资约束和促进创新是数字金融推动企业出口产品质量升级的两个作用渠道。进一步研究发现,数字金融对金融脆弱度(外部金融依赖度、存货比重、资产有形性、贸易信用)高的企业出口产品质量促进作用更大。

This paper empirically examined the impact of digital finance on export products quality and its mechanism. It shows that digital finance significantly promotes quality upgrading of export products. The heterogeneity analysis shows that the positive effect is more conspicuous for promoting the quality of export products in the eastern region,multi-product,low-tech product firms,and destination countries that are developed countries. The mechanism test finds that alleviating financing constraints and promoting innovation are the two channels for digital finance to promote the quality of export products. Furthermore,the results show a greater effect for promoting the quality of export products of firms with high financial fragility( ie,external financial dependence,inventory proportion,asset tangibility,trade credit). This study not only advances the understanding of the economic effects of digital finance,but also implies for the high-quality development of China’s exports.