数字金融对低效企业的抑制效应——来自中国上市公司的证据

The Inhibitory Effect of Digital Finance on Zombie Enterprises——Evidence from Chinese Listed Companies

本文基于2011-2018年A股上市公司数据,探讨数字金融对低效企业即所谓的“僵尸企业”的影响。研究发现,数字金融对此类企业存在抑制效应;其驱动力与数字金融的覆盖广度与使用深度相关,改善企业投资效率和提高企业全要素生产率是产生抑制效应的重要机制;数字金融更有助于减少低银行竞争度地区以及强政府干预地区的低效企业,这表明银行和政府在其中均担任重要角色。

Based on the data of A-share listed companies during 2011-2018,this paper researches the impact of digital finance on zombie companies.It is found that digital finance has an inhibitory effect on zombie enterprises,and improving the investment efficiency of enterprises and the total factor productivity of enterprises are important mechanisms.Digital fi-nance is more helpful to reduce zombie companies in areas with low bank competition and strong govermment intervention,which reflects that both banks and the government play important roles in it.