差异化货币政策下企业债务配置结构优化——来自数字金融与金融关联视角的解释

Optimization of Placement Structure of Debt under Differentiated Monetary Policy:An Explanation from the Perspective of Digital Finance and Financial Association

以沪深两市A股上市公司2011-2018年的数据为样本,实证检验了数字金融、金融关联对债务配置结构的影响,以及不同货币政策作用下其影响程度的差异。研究表明,金融关联程度越高,企业债务配置结构中的银行借贷比例则越高,而公开债务比例则越低。数字金融与金融关联在债务配置结构中存在替代关系,即数字金融能够削弱金融关联与银行借贷的正相关关系和公开债务的负相关关系。在货币政策紧缩时,数字金融与金融关联在债务配置结构中存在的替代关系更强。研究结论为数字金融的发展、实体企业与金融机构的融合以及债务配置结构的优化提供了可靠的经验证据和政策启示。

With the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2018 as the sample,this paper empirically tests the impacts of digital finance and financial association on placement structure of debt,along with their interactive effects.The study shows that the higher the degree of financial association,the higher the proportion of bank lending and the lower the proportion of public debt.Furthermore,there exist substitution relationship between digital finance and financial association in placement structure of debt.That is to say,digital finance can weaken the positive correlation between financial association and bank lending as well as the negative correlation between financial association and public debt.When the monetary policy is tight,the substitution relationship between digital finance and financial association in placement structure of debt is much stronger.The research conclusions provide reliable empirical evidence and policy implications for the development of digital finance,the integration of entity enterprises and financial institutions,and the optimization of placement structure of debt.