数字金融发展对股票流动性的影响——来自A股上市公司的经验证据

The Impact of Digital Finance Development on Stock Liquidity:Empirical Evidence from A-share Listed Companies

数字金融作为科技赋能传统金融的新产物,对资本市场流动性与实体经济发展而言都有着重大影响。研究将北京大学数字普惠金融2011年至2020年省级数据与中国上市企业数据进行匹配,探讨数字金融发展对股票流动性的影响及其内在路径。研究发现,数字金融的发展对股票流动性有显著的提升作用,并且数字金融的覆盖广度、使用深度、数字化程度三个维度均会对股票流动性产生积极影响。渠道机制表明,数字金融发展能通过提高企业技术创新水平、降低信息不对称程度来提升股票流动性。具体来说,数字金融能通过提高企业技术创新水平和降低信息不对称程度来提升股票流动性水平。正确引导数字金融发展,充分发挥其股票流动性的作用,在完善资本市场过程中可以起到积极作用。

As a new product of technology-enabled traditional finance,digital finance has a significant impact on the liquidity of capital market and even the development of real economy.In this paper,the provincial data of Peking University Digital Inclusive Finance from 2011 to 2020 are matched with the data of listed Chinese enterprises to explore the impact of digital finance development on stock liquidity and its internal mechanism.It is found that the development of digital finance has a significant improvement effect on stock liquidity,which benefits from the synergistic development of digital finance’s coverage,application and degree of digitalization.The channel mechanism shows that the development of digital finance can improve stock liquidity by improving the level of technological innovation of enterprises and reducing the degree of information asymmetry.Therefore,it is suggested to guide the development of digital finance in a correct way in order to give full play to its positive role in improving the capital market.