数字经济、地方政府行为与实体企业金融化

Digital Economy,Local Government Behavior and Financialization of Real Enterprises

实体企业的金融投资方向决策与其所处外部经济环境密不可分,数字经济发展将对实体企业的金融化产生重要影响。本文实证考察了数字经济发展对实体企业金融化的实际影响与内在机理,并进一步考查了地方政府行为的调节效应。研究发现:数字经济发展能显著抑制实体企业的金融化;企业成长性的提升与代理成本的下降都是数字经济发展作用于实体企业金融化的可能渠道,但融资约束缓解与风险承担能力增强影响机制并没有得到实证数据的支持,这也进一步证明了中国实体企业金融资产配置的主要目的倾向于市场套利,而非预防性资金储备;基于一致性维度和偏好性维度的地方政府行为都能显著调节数字经济与实体企业金融化之间的关系。

The financialization of real enterprises is closely related to the external economic environment,so this paper believes that the new situation of digital economy will have a profound impact on the financialization of real enterprises in China.This paper empirically investigates the actual impact and internal mechanism of digital economy development on enterprise financialization,and further considers the moderating effect of local government behavior on the relationship between the two.The main conclusions are as follows:first,the development of digital economy can significantly restrain the financialization of real enterprises.Secondly,both the improvement of enterprise growth and the alleviation of agency problems are possible channels through which the digital economy acts on the financialization of real enterprises.However,the impact mechanism of the alleviation of financing constraints and the enhancement of risk bearing capacity is not supported by empirical data.At the same time,it is further clarified that the main purpose of financial asset allocation of Chinese real enterprises tends to be speculative arbitrage rather than precautionary savings.Thirdly,Science and technology fiscal expenditure of local government and uncertainty of local economic policy can significantly adjust the relationship between digital economy and financialization of real enterprises.The research of this paper is not only conducive to expanding the research scope of the influence factors of the financialization of real enterprises in the field of external environment,but also has important research significance for cracking the trend of the financialization of real enterprises in China and promoting the micro driving effect of digital economy.