数字金融、融资约束与制造业企业高质量发展——基于A股制造业上市公司的经验分析

Digital Finance,Financing Constraints and High Quality Development of Manufacturing Enterprises Empirical Analysis Based On A-Share Listed Manufacturing Companies

数字金融以其快捷性、精准性和普惠性为制造业企业发展提供更加有力的资金支持。以全要素生产率衡量发展质量,WW指数衡量融资约束,基于2015-2020年A股制造业上市公司经验数据进行回归分析,发现数字金融能够有效缓解制造业企业面临的融资约束,进而促进其高质量发展。进一步研究发现,这种促进作用对于不同科技属性和产权属性的企业无显著差异,而对于不同生命周期阶段的企业存在显著差异,地区制度环境和经济发展水平的异质性无显著差异。数字金融覆盖广度、使用深度以及数字化程度三个维度对于缓解融资约束所起到的作用依次递减。

Digital finance provides stronger financial support for the development of the manufacturing industry with its rapidity,accuracy and inclusiveness.The development quality is measured by total factor productivity,and the financing constraints are measured by WW index.Based on the regression analysis of the empirical data of A-share listed manufacturing companies from 2015 to 2020,the research finds that digital finance can effectively alleviate the financing constraints faced by manufacturing enterprises,and then promote their high-quality development.Further research has found that there is no significant difference in the promotion effect for enterprises with different technological and property right attributes,but there is a significant difference for enterprises at different life cycle stages,and there is no significant difference in the heterogeneity of regional institutional environment and economic development level.The three dimensions of digital finance coverage,depth of use,and degree of digitization play a decreasing role in alleviating financing constraints.