数字金融发展与企业金融化

Digital Finance Development and Enterprise Financialization

本文运用2011—2020年我国A股非金融类上市公司数据和企业数字普惠金融发展指标,实证检验了数字金融及其不同发展维度对企业金融化的影响效应。结果表明,数字金融发展能够促进公司扩大金融活动,提升企业金融化水平。区分数字金融的不同发展维度后,研究发现数字金融的覆盖广度、使用深度及数字化程度均有助于提升公司金融化水平。本文对于深化金融体制改革、加强和完善现代金融监管、保障数字金融健康有序发展具有重要的启示作用。

This paper empirically tests the influence of digital finance and its different development dimensions on corporate fi nancialization by using the data of Chinese A-share non-fi nancial listed companies and enterprise digital inclusion fi nance development indicators from 2011 to 2020. The results show that the development of digital fi nance can promote companies to expand fi nancial activities and improve the level of enterprise fi nancialization. After distinguishing dif ferent development dimensions of digital fi nance, the research fi nds that the coverage breadth, use depth and digitization degree of digital finance are conducive to improving the level of corporate financialization. This paper has important implications for deepening the reform of fi nancial system, strengthening and improving modern fi nancial supervision, and guaranteeing the healthy and orderly development of digital fi nance.