金融科技应用与实体企业金融化

The Application of Fintech and the Financialization of Entity Enterprises

近年来,金融科技领域的革新性技术不断涌现并迅猛发展,对经济领域产生了深远影响。本文以2011—2021年我国沪深A股实体上市公司为研究对象,探究金融科技应用对企业金融化的影响。结果表明,金融科技应用能够显著促进实体企业金融化,并且在持有金融机构股份、董监高具有金融背景的企业中作用更为显著。同时通过机制检验发现,融资约束对金融科技应用促进企业金融化起到中介作用,从金融资产配置结果来看,主要促进了长期金融资产配置,企业的金融化行为更多出于逐利性动机驱动。

In recent years,innovative technologies in the field of fintech have emerged and developed rapidly,which has had a far-reaching impact on the economy.This paper explores the impact of fintech applications on the financialization of enterprises,taking the listed companies in Shanghai and Shenzhen A-shares in China from 2011 to 2021 as the research object.The results show that fintech applications can significantly promote the financialization of entity enterprises,and the effect is more significant in enterprises with shares of financial institutions and directors and supervisors with financial backgrounds.The mechanism test reveals that the financing constraint plays a mediating role in the application of fintech to the financialization of enterprises,and from the financial asset allocation,it mainly promotes long-term financial asset allocation,and the financialization behavior of enterprises is more driven by profit-seeking motives.