数字金融、投资者情绪与企业投融资

Digital Finance,Investor Sentiment and Enterprise Investment and Financing

文章以我国上市公司2011—2018年数据为样本,采用面板平滑转换模型研究数字金融与投资者情绪对企业投融资的非线性门限效应。结果表明:随着数字金融水平的提升,企业面临的融资约束不断下降,因而会推动企业投资水平的上涨。当投资者情绪处于高位时,企业融资约束程度较强烈,说明我国资本市场存在不理性和不完善的特性。综合来看,我国资本市场需要进一步开放,加强优胜劣汰并引导企业合理投资;与此同时,我国需要不断推进数字金融的建设,这对实现我国经济结构转型具有较为重要的理论与实践意义。

Based on the data of listed companies in China from 2011 to 2018,this paper uses the panel smooth transformation model to study the nonlinear threshold effect of digital finance and investor sentiment on enterprise investment and financing.The results go as below:With the improvement of the level of digital finance,the financing constraints faced by enterprises continue to decline,which will promote the increase of enterprise investment level.When investor sentiment is high,the degree of corporate financing constraints is strong,which further shows the irrational and imperfect side of China’s capital market.On the whole,China’s capital market needs to be further opened up,strengthen the survival of the fittest and guide enterprises to invest reasonably.At the same time,China needs to continuously promote the construction of digital finance,which has important theoretical and practical significance for realizing the transformation of China’s economic structure.