数字金融如何影响企业资本投资?

How Does Digital Finance Affect Capital Investment of Firms?

本文以2011~2020年A股上市公司为研究样本,实证检验数字金融对企业资本投资的影响。研究发现,数字金融不仅能够降低企业资本成本,提高企业资本投资规模,而且能够增强企业投资对资本成本的敏感性。中介机制检验表明,数字金融通过提高金融资源配置效率优化了企业资本投资。进一步研究表明,数字金融对企业资本投资的影响效应在高融资约束企业中更强;相比于数字化程度,数字金融的覆盖广度和使用深度对企业资本投资的优化作用更强。区分企业资本投资类型后发现,数字金融增加了企业研发支出,对资本性支出无显著影响;区分企业资本成本类型后发现,数字金融能同时降低企业权益资本成本和债务资本成本。此外,数字金融的优化效应具有一定的长期性。本文拓展了数字金融在微观企业层面的经济效果研究,为利用数字金融优化企业资本投资行为提供了直接的经验证据支持。

Taking A-share listed firms from 201l to 2020 as research samples,this paper empirically tests the impact of digital finance on the firms'capital investment.The results show that digital finance can not only reduce the capital cost of firms and improve the scale of firms'capital investment,but also enhance the sensitivity of firms'investment to capital cost.The intermediary mechanism test shows that digital finance optimizes firms'capital investment by improving the efficiency of financial resource allocation.Further research shows that the impact of digital finance on capital investment is stronger in firms with high financing constraints.Compared with the degree of digitalization,the coverage and depth of digital finance play a stronger role in optimizing firms'capital investment.After distinguishing the types of firms'investment,this paper finds that digital finance increases firms'research and development expenditure and has no significant impact on capital expenditure.After distinguishing the types of firms'capital cost,it is found that digital finance can reduce the cost of equity capital and the cost of debt capital at the same time.In addition,the optimization effect of digital finance has a certain long-term nature.This paper expands the research on the economic effect of digital finance at the micro-firms level,and provides direct empirical evidence support for using digital finance to optimize firms'capital investment behavior.