数字金融与企业成长——来自中国工业企业的证据

Digital Finance and Enterprise Growth——Evidence from China's Industrial Enterprises

本文利用北京大学数字普惠金融指数和中国工业企业数据库,实证检验了数字金融对企业成长的影响。研究结果表明,数字金融的发展会使那些所在行业拥有更高外部融资依赖度的企业经历更快速的资产增长。这可能是由两方面的原因导致的:第一,数字金融的发展降低了企业的外部融资成本;第二,数字金融的发展提高了企业的销售收入,增加了企业的内部资本,从而降低了企业的外部融资依赖度。此外,本文发现数字金融对企业资产增长的促进效应在私营企业和非出口企业中表现得更为明显。

This paper empirically examines the impact of digital finance on enterprise growth by using the Peking University Digital Financial Inclusion Index of China and China Industrial Enterprise database.The results show that enterprises in industries that rely more heavily on external financing have faster asset growth rates than other enterprises due to the digital finance development.This can be caused by two reasons:first,the development of digital finance reduces the external financing cost of enterprises;second,the development of digital finance improves the sales revenue of enterprises,which means increasing their internal capital,so that the dependence on external financing of enterprises is reduced.In addition,this paper finds that the promoting effect of digital finance on the growth of enterprise assets is more obvious in private enterprises and non-export enterprises.