数字金融对企业价值的影响研究——基于中国制造业上市公司的实证分析

Research on the Impact of Digital Finance on Enterprise Value——Based on the Empirical Analysis of Listed Manufacturing Companies in China

以2011-2021年中国沪深A股制造业上市公司的相关数据为研究对象,实证分析了数字金融对制造业企业价值的影响及其作用机制。结果表明,数字金融对制造业企业价值具有正向促进作用,其使用深度对制造业企业价值的促进作用最明显;企业融资约束与金融化在数字金融对制造业企业价值的影响中分别起着中介和调节作用;在进行稳健性检验后上述结果仍然成立。说明应继续推动数字金融的高质量发展,为制造业企业价值的不断提升创造条件。

Based on the data of China's Shanghai and Shenzhen A-share manufacturing listed companies from 2011 to 2021,this paper empirically analyzes the impact of digital finance on the value of manufacturing enterprises and its mechanism.The results show that digital finance has a positive promoting effect on manufacturing enterprise value,and its depth of use has the most obvious promoting effect on manufacturing enterprise value.Corporate financing constraints and financialization play mediating and moderating roles respectively in the influence of digital finance on manufacturing enterprise value.The above results are still valid after the robustness test.It indicates that we should continue to promote the high-quality development of digital finance and create conditions for the continuous improvement of the value of manufacturing enterprises.