数字经济、数字鸿沟与商业信用融资

Digital Economy,Digital Divide and Enterprise Trade Credit Financing

数字经济为企业带来发展红利的同时,也导致区域间、省市间数字鸿沟问题显现。以2013-2021年沪深A股非金融上市公司为研究样本,从供应链上下游企业所在省市间的数字鸿沟视角出发,探究数字经济对商业信用融资的影响。研究发现,数字经济的发展能显著提升企业商业信用融资能力,数字鸿沟与商业信用融资呈负相关关系。数字鸿沟可能导致企业间的信任和议价能力折损,是影响商业信用融资的重要因素。为避免数字鸿沟的影响,企业更倾向于选择与自身数字经济发展水平相当的供应商和客户开展业务往来。基于影响机理的研究发现,数字经济发展和缩小的数字鸿沟有利于增强企业透明度和供应链议价能力,进而提高商业信用融资。异质性研究发现,数字经济对商业信用融资的影响在非国有企业和存在关联交易的企业中更显著。研究对于弥补和完善数字经济研究框架,助力数字经济与实体经济深度融合具有积极意义。

While the digital economy has brought dividends to enterprises’development,it has also led to the emergence of the digital divide between different regions,provinces and cities.Based on the data of A-share listed and non-financial enterprises from 2013 to 2021,this paper examined the impact of digital economy and digital divide on enterprise trade credit financing.The research finds that,the development of digital economy can significantly improve the level of trade credit financing of enterprises,and the digital divide is negatively correlated with trade credit financing.Digital divide may lead to the loss of trust and bargaining power among enterprises,which is an important factor affecting trade credit.In order to avoid the negative impact of the digital divide,enterprises are more inclined to choose suppliers and customers with the same level of digital economy development as their own.Mechanism analysis shows that the development of digital economy has improved the transparency of enterprises,reduced supply-chain concentration,and then improved trade credit financing.Further research shows that the impact of digital economy on trade credit financing is more significant in non-state-owned enterprises and enterprises with associated suppliers.