数字金融与企业财务风险——基于沪深A股上市公司的实证研究

Digital Finance and Enterprise Financial Risk: An Empirical Study Based on A-share Listed Companies Quoted on Shanghai and Shenzhen Stock Exchange

基于沪深A股上市公司样本数据,实证检验数字金融与企业财务风险之间的关系。研究发现,发展数字金融能够抑制企业财务风险,分层面覆盖广度、使用深度的检验支持此结论;考察了市场化程度在整个影响过程中的调节作用;发展数字金融通过提升运营效率、缓解融资约束来降低企业财务风险;发展数字金融对规模较大企业财务风险的抑制作用强于规模较小企业,对非西部地区企业的影响显著强于西部企业,对股灾前后的影响存在明显差异。由此拓展数字金融对微观经济领域的影响研究,提出发展数字金融和防范财务风险的对策建议。

Based on the sample data of A-share listed companies quoted on Shanghai and Shenzhen Stock Exchange, the relationship between digital finance and enterprise financial risk was empirically tested.It is found that the development of digital finance can curb enterprise financial risk, and this conclusion is supported by the test of coverage breadth and usage depth of different layers.The moderating effect of the degree of marketization in the entire impacting process was investigated.The research shows that the development of digital finance can reduce enterprise financial risk by improving operational efficiency and easing financing constraints.The development of digital finance has a stronger inhibitory effect on financial risk of larger enterprises than that of smaller ones, and the impact on enterprises in non-western regions is significantly stronger than those in western regions.Meanwhile, there are obvious differences in the impact of digital finance on enterprise financial risk before and after the stock market crash.The research of the impact of digital finance on the field of microeconomics was expanded in the article, and countermeasures and suggestions were put forward for developing digital finance and preventing financial risks.