数字金融、融资约束与企业投资效率

Digital Finance, Financing Constraints and Enterprise Investment Efficiency

运用沪深两市A股上市公司2011—2018年的数据与北京大学数字普惠金融指数,通过实证研究,论证了数字金融发展在企业投资效率方面的作用以及中介传导机制的机理。研究结果显示,对企业投资效率而言,数字金融驱动效应成效显著,且数字金融的服务深度的影响尤其显著。从传导机制来看,数字金融的发展可以缓解企业的融资约束,实现企业有效去杠杆,降低企业的融资风险水平,提高企业内部现金水平,从而提升企业投资效率。以期助推数字金融的优化完善,为后续企业相关投资行为奠定理论基础。

Based on the data of A-share enterprises in Shanghai and Shenzhen and the digital financial index of Peking University(2011-2018), this paper empirically tests the influence of digital finance development on enterprise investment efficiency and its transmission mechanism. The research finds that the development of digital finance has a significant driving effect on the investment efficiency of enterprises, and the service depth of digital finance has a particularly significant impact on the investment efficiency of enterprises. From the transmission mechanism, digital finance can alleviate the financing constraints of enterprises, effectively realize enterprise deleveraging, reduce the level of financing risk of enterprises, improve the level of cash within enterprises, and thus achieve the improvement of enterprise investment efficiency. The conclusions and policy suggestions of this paper can help optimize the development of digital finance and provide better support for the investment behavior of enterprises.