数字金融与企业金融化

Digital Finance and Enterprise Financialization

数字金融为企业获得低成本的资金来源提供了新的渠道,但资金来源对企业的影响取决于企业投资方向。在实体经济发展举步维艰,而非金融企业金融化现象愈演愈烈的经济环境下,运用2011—2018年中国A股非金融上市公司数据和数字金融发展指数,实证检验数字金融发展对企业金融化的影响及其作用机制。研究发现:数字金融发展会促进企业金融化,这种促进效应在非国有企业和非家族企业中更明显。作用机制检验表明,数字金融发展通过缓解融资约束和降低融资成本的中介作用促进企业金融化;最后,以金融投资收益率和实体经济投资收益率的差额作为识别变量,证明了中国非金融企业的金融化行为主要是出于利润最大化的投资替代动机。以上结论不仅对引导数字金融行业健康发展,促使金融资金回归实体经济具有借鉴意义,也为企业内部治理机制完善,监督企业管理者行为,激励企业管理者以企业长期发展利益为目标提供了理论参考。

Digital finance provides a new channel for enterprises to obtain low-cost capital sources,but the impact of capital resources on enterprises depends on the direction of investment.In an economic environment in which the real economy is struggling while the financialization of non-financial enterprises is getting more and more intense,this paper empirically tests the influence of digital finance development on the financialization of enterprises and its mechanism by using the data of China’s A-share non-financial listed companies from 2011 to 2018 and the development index of digital finance.It is found that the development of digital finance promotes the financialization of enterprises,and this promoting effect is more obvious in non-state-owned enterprises and non-family enterprises.Mechanism tests show that digital financial development promotes the financialization of enterprises through alleviating financing constraints and reducing the mediating role of financing costs.Finally,this paper takes the difference between the return rate of financial investment and the return rate of real economy as the identification variable,and proves that the financialization behavior of China’s non-financial enterprises is mainly driven by the investment substitution motivation of maximizing profits.The conclusion above not only has reference significance for policy makers to guide the healthy development of digital finance industry and promote the return of financial capital to the real economy,but also provides theoretical references for improving the internal governance mechanism of enterprises,supervising the behaviors of enterprise managers,and encouraging enterprise managers to take the long-term development interests of enterprises as the goal.