金融科技、金融监管与企业高质量发展

FinTech,Financial Regulation With High-Quality Development of Enterprises

企业高质量发展是经济高质量发展的主要推动力。金融科技通过技术渠道和效率渠道,为推动企业高质量发展创造客观条件。本文基于2012—2020年中国A股上市企业数据,探究金融科技对企业高质量发展的影响以及金融监管的调节效应。研究发现,金融科技对企业高质量发展有显著的助推作用,在缓解可能存在的内生性和稳健性检验之后,这一结论依然成立。金融监管调节效应的机制分析表明,合理监管约束下的金融科技更有利于提升企业全要素生产率,进而有效促进企业高质量发展。进一步地,基于企业性质、高管团队金融背景和企业所在地区影子银行规模进行异质性分析后发现,金融科技助推企业高质量发展表现出“国民共进”的特点,金融科技促进企业高质量发展仅在高管团队没有金融背景和影子银行规模较小的地区体现。本文的研究不仅为金融科技推动企业高质量发展提供微观证据,也对国家进一步制定金融科技与金融监管相适配的政策,推动金融科技和企业高质量发展具有借鉴价值。

The high⁃quality development of enterprises is essential for achieving high⁃quality development in general.Through big data,the Internet,cloud computing and other technologies,FinTech facilitates the high⁃quality development of enterprises by supporting and improving the efficiency and inclusiveness of financial services.Previous studies mainly focus on the positive real economic impacts of FinTech,such as lowering corporate financing constraints,enhancing corporate innovation,and increasing corporate total factor productivity.However,few studies have examined the effectiveness of FinTech in promoting the high⁃quality development of these enterprises and whether financial regulation contributes to their high⁃quality development.Using Python to extract FinTech⁃related text from Baidu's search index,this paper measures annual FinTech development indices for Chinese cities.Then,based on the data of China's A⁃share listed companies from 2012 to 2020,this paper investigates the impact of FinTech on enterprises'high⁃quality development.This paper finds that FinTech can significantly promote the high⁃quality development of enterprises characterized by total factor productivity.The above conclusions remain valid after alleviating endogenous problems and other robustness tests.This paper also explores the effectiveness of FinTech promotion for different subjects,as existing literature rarely did so.It conducts sub⁃sample regression from the perspectives of enterprise ownership,the financial background of the executive team,and shadow banking scale in the region where enterprises are located.The results show that FinTech can simultaneously promote the high⁃quality development of both state⁃owned and non⁃state⁃owned enterprises,but state⁃owned enterprises benefit more from FinTech.Moreover,regarding the financial background of the senior management team,FinTech can only promote the high⁃quality development of enterprises where the executives do not have a financial background.As for the degree of regional shadow banking,FinTech can only enhance the performance of enterprises in regions with a large scale of shadow banking.This paper also examines how financial regulation moderates the relationship between FinTech and the high⁃quality development of enterprises.It reveals that reasonable financial regulation is conducive to the healthy development of FinTech and enhances its positive effects.This paper can provide a valuable reference for government departments to formulate policies compatible with FinTech and financial regulation,which is conducive to promoting the healthy development of FinTech and the high⁃quality development of enterprises.It can also offer some implications for subsequent related research.Specifically,future FinTech research should focus on how to balance FinTech innovation and regulation and guide the healthy development of FinTech,how to strengthen the coordinated development of FinTech in various regions to drive the development of FinTech in China's central and western regions,how can FinTech solve the paradox of inclusive finance and then better serve micro⁃and small⁃sized enterprises and vulnerable groups,so as to promote the high⁃quality economic development.