数字金融与企业“脱实向虚”

Digital Finance and Enterprises’“from Reality to Virtualness”

近年来数字金融在实务界和学术界越来越受到关注,但数字金融是否能保障实体经济的高质量发展,尚未形成系统而一致的认识.基于文献分析方法,通过全面梳理数字金融、实体经济和企业金融化相关文献,提炼出一个数字金融对企业“脱实向虚”行为作用路径的研究框架,并总结出未来相关可拓展的研究方向,以期为数字金融的经济后果研究提供新的视野与借鉴.文献分析结果发现:数字金融可以优化资源配置、缓解融资约束、降低融资成本和抑制财务杠杆,从而影响企业金融化行为,考虑到企业所处外部环境和自身属性的异质性,数字金融对抑制企业“脱实向虚”的作用出现显著差异.

In recent years,digital finance has attracted increasing attention in the field of practice and the academia.However,there is no consensus on whether digital finance can guarantee the high-quality development of real economy.By means of the literature analysis,and through a comprehensive combing of the related literature regarding digital finance,real economy and enterprise financialization,the paper proposes a research framework on the action path of digital finance on enterprises’“from reality to virtualness”,and sums up the related expansible research orientation in the future,in order to provide a new view and some reference for the research on the economic consequences of digital finance.Literature analysis finds that digital finance can optimize the allocation of resources,alleviate financing constraints,reduce financing cost and restrain financial leverage,thus influencing enterprises’financialization behaviors;considering the external environment of enterprises and heterogeneity of their own properties,there is a significant difference in the role of digital finance to inhibit the enterprises’“from reality to virtualness”.