数字经济对经济“脱实向虚”的影响:来自上市公司的证据

The Effect of Digital Economy on Transforming the Economy from Substantial to Fictitious:Evidence from Listed Companies

数字经济是中国经济发展的新动能。在推动数字经济发展的同时,要促进数字经济与实体经济深度融合并且防止数字经济发展加剧经济“脱实向虚”。本研究以中国沪深A股实体上市公司为研究样本,分析了数字经济对实体企业金融化的影响程度与作用机制。研究发现数字经济发展在整体上对企业金融化具有正向影响。作用机制检验表明,数字经济发展通过缓解融资约束、加剧企业金融化的“传染效应”推进了企业金融化。研究还发现数字经济发展对企业金融化的影响存在产权异质性、政策支持异质性及地区异质性。除此之外,企业对数字技术的投资和使用缓解了数字经济发展对企业金融化的促进作用。本研究拓展了企业金融化的影响因素研究,也为数字经济发展中的风险防范、企业金融化的合理管控提供了依据。

The digital economy is a new driving force for China’s economic development.While promoting the development of the digital economy,it is important to promote the deep integration of the digital economy with the real economy and prevent the development of the digital economy from exacerbating transforming the economy from substantial to fictitious.This study using A-share listed companies in Shanghai and Shenzhen in China as a research sample,analyzed the implication and impact mechanism of the digital economy on the financialization of Chinese entity enterprises.It was found that the development of the digital economy had a positive impact on the financialization of enterprises in general.The mechanism of action test showed that the development of the digital economy promotes the financialization of enterprises by alleviating the financing constraints and intensifying the“contagion effect”of the financialization of enterprises.The study also found that the impact of digital economy on corporate financialization was heterogeneous in property rights,policy support and regions.In addition,firms’investment and use of digital technology mitigates the facilitative effect of the digital economy on the financialization of firms.This study extends the research on the influencing factors of enterprise financialization and also provides a basis for risk prevention and reasonable management and control of enterprise financialization in the development of the digital economy.