金融科技与非效率投资:结构特征、调节效应与监管效果

Fintech and Inefficient Investment:Structure,Regulatory Effects,and Regulatory Policies

以金融科技为切入点,借助2011—2019年沪深A股上市企业数据,实证检验金融科技与企业非效率投资间的逻辑关系。研究揭示:金融科技能有效校正企业的非效率投资行为,这种校正具有时空延伸性和作用多向性;考虑企业外部环境,市场化与金融科技之间存在一定的替代效应,其使得金融科技与企业非效率投资间的敏感度降低,行业竞争也一定程度上削弱了金融科技对非效率投资之间的影响;考虑金融监管环境,金融监管有助于发挥金融科技对企业非效率投资的矫正作用。据此,应妥善推进金融科技的改革及应用,更好地为企业投资行为服务,提高企业投资效率。

This paper takes fintech as the entry point,Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2019,this paper empirically tests the logical relationship between fintech and enterprise inefficient investment.The results are as follows(1)fintech can effectively correct the inefficient investment behavior of enterprises,and this correction has the characteristics of time-space extension and multi-function;(2)Considering the external environment of the firm,there is a certain substitution effect between the degree of marketization and fintech,which reduces the sensitivity between fintech and inefficient investment.Industry competition has also weakened the impact of fintech on inefficient investment;(3)Considering the financial regulatory environment,it is helpful to give full play to the correction effect of fintech on enterprises’inefficient investment under financial supervision.Therefore,the reform and application of fintech should be properly promoted to better serve the investment behavior of enterprises and improve their investment efficiency.