数字普惠金融对企业投资效率的影响研究

Research on the Impact of Digital Inclusive Finance on Enterprise Investment Efficiency

文章以2013—2019年沪深A股上市公司为研究样本,实证考察数字普惠金融对企业投资效率的影响。研究发现:数字普惠金融对企业投资效率的影响具有非对称效应,在改善企业投资不足的同时会刺激企业过度投资;数字普惠金融在缓解投资不足方面无显著的所有制差异,但在过度投资方面,数字普惠金融更易导致民营企业过度投资;机制检验发现,降低信息不对称、融资约束和代理成本是数字普惠金融影响企业投资效率的重要途径;分组检验表明,数字普惠金融的“缓解”作用主要体现在中西部地区,“加剧”作用主要体现在小规模企业。研究结论为进一步约束企业投资行为和完善公司治理机制提供了一定的经验依据。

This paper takes Shanghai and Shenzhen A-share listed companies from 2013 to 2019 as the research sample to empirically examine the impact of digital inclusive finance on enterprise investment efficiency.The research finds that digital inclusive finance has an asymmetric effect on the investment efficiency of enterprises,which can not only improve the insufficient investment of enterprises,but also stimulate the over investment of enterprises;digital inclusive finance has no significant ownership difference in alleviating insufficient investment,but in terms of over investment,digital inclusive finance is more likely to lead to over investment by private enterprises;mechanism test finds that reducing information asymmetry,financing constraints,and agency costs is an important way for digital inclusive finance to affect the investment efficiency of enterprises;grouping test shows that the“mitigation”effect of digital inclusive finance is mainly reflected in the central and western regions,and the“aggravation”effect is mainly reflected in small-scale enterprises.The research conclusion provides a certain empirical basis for further restricting enterprise investment behavior and improving corporate governance mechanism.