数字金融发展与企业风险承担——动态效应、机制识别与异质性特征

Digital Finance and Corporate Risk-Taking--Dynamic Effects,Mechanism Identification and Heterogeneity Characteristics

本文基于2011—2020年337个地级市数字金融指数和中国上市公司的匹配数据,利用固定效应模型、中介效应模型及调节效应模型,实证检验数字金融影响企业风险承担的内在逻辑。研究发现:第一,数字金融发展能够提升企业风险承担水平,虽然作用效果无法避免边际效应递减规律的约束,但在长期内保持了强劲态势。从结构上看,数字金融覆盖广度对企业风险承担的正向促进作用更强,而数字化程度对企业风险承担的作用尚未显现。第二,从作用机制来看,数字金融通过缓解企业外部融资约束、提高企业信贷资金比重、增强企业创新能力等路径,最终达成提升企业风险承担水平的功效。第三,从调节效应来看,行业竞争的加剧会强化数字金融对企业风险承担的积极效应。第四,基于企业内外部特征的异质性分析发现,在成长期企业中,以及在经济政策稳定性强的情境下,数字金融发展能够对企业风险承担的提升带来更为突出的驱动效果。基于以上研究结论,本文提出大力推进数字金融发展,多渠道赋能企业风险承担水平提升的建议。

Based on the matching data of 337 prefecture-level cities’digital finance index and Chinese listed companies from 2011 to 2020,this paper empirically tests the internal logic of digital finance affecting corporate risk-taking with fixed effect model,intermediary effect model,and moderating effect model.The study finds that:(1)the development of digital finance can improve the risk-taking ability of companies and show a long-term promotion effect with the restraint of decreasing marginal effect.From a structural point of view,the breadth of digital finance coverage has a stronger positive effect on corporate risk-taking,while the role of digitization in corporate risk-taking has not yet emerged.(2)From the perspective of mechanism path,digital finance finally achieves the effect of improving the level of corporate risk-taking by alleviating the external financing constraints of companies,increasing the proportion of corporate credit funds,and enhancing the innovation ability of companies.(3)From the perspective of moderating effect,the intensification of industry competition will strengthen the positive effect of digital finance on corporate risk-taking.(4)Based on the heterogeneity analysis of internal and external characteristics of companies,it is found that in the growing companies,and in the context of high stability of the economic policy,the development of digital finance can bring more prominent driving effect to corporate risk-taking.Based on the above research conclusions,this paper puts forward some suggestions to vigorously promote the development of digital finance and enhance the risk-taking level of enterprises through multiple channels.