数字金融赋能企业结构性去杠杆:前沿探析与未来展望

DIGITAL FINANCE PROMOTES ENTERPRISE STRUCTURAL DELEVERAGING: FRONTIER ANALYSIS AND FUTURE PROSPECTS

快速发展的数字金融为企业杠杆率调整提供了新机遇。研究数字金融赋能如何助推企业结构性去杠杆,有利于防范和化解经济社会重大风险。遵循“赋能形式—赋能效应—赋能机制”的研究框架,从三个方面研究了数字金融如何赋能企业结构性去杠杆。数字金融主要通过信息识别、金融可得及大数据风控等形式赋能企业杠杆率调整。数字金融赋能可以降低企业债务和权益融资成本,并通过债务端和所有者权益端调整企业资本结构,具有显著的速度效应和结构效应。从降低信息不对称、缓解融资约束、实现风险控制与稳定三个维度,探讨了赋能的路径和机制,构建了系统研究框架,打开了“数字金融赋能—企业结构性去杠杆”的“黑箱”。针对现有研究的不足,提出了未来展望。

The rapid development of digital finance provides new opportunities for the adjustment of enterprise leverage. We study how the digital finance can boost the enterprise structural deleveraging, which is useful to prevent and resolve major economic and social risks. Following the framework of "empowerment form-empowerment effect-empowerment mechanism", this paper studies the digital finance promoting enterprise structural deleveraging from three aspects. Digital finance enables the adjustment of enterprise leverage through the forms of information identification, financial availability and big data risk control. Digital financial empowerment can reduce corporate debt and equity financing costs, and adjust corporate capital structure through debt and owner equity, with significant speed and structure effects. We discuss the empowerment path and mechanism, construct a systematic research framework and open the "black box" of "digital finance empowerment-enterprise structural deleveraging" from the three-dimensional of reducing information asymmetry, alleviating financing constraints and realizing risk control and stability. Finally, in view of the shortcomings of the existing research, we put forward the future prospects.