数字基建对企业金融资产配置的影响——基于融资约束视角

The Impact of Digital Infrastructure on Corporate Financial Asset Allocation——Based on the Perspective of Financing Constraints

在数字经济时代,金融科技通过全新的技术手段和商业模式影响着传统金融体系,我国经济高质量转型发展亟须数字基建赋能实体经济发展。在实体企业金融化愈演愈烈的经济环境下,以“宽带中国”战略的推进作为外生事件,使用多期双重差分法探讨数字基建对企业金融资产配置的影响。研究发现:数字基建存在金融化效应,在战略实施当年就对企业金融资产配置产生影响且持续增强,在通过替换变量、PSM-DID、剔除特殊样本和安慰剂检验后结果仍稳健。影响机制表明,融资约束在数字基建对金融资产配置的影响中发挥部分中介作用,数字基建通过缓解融资约束为金融资产配置提供资金来源。外部环境的调节机制表明,较高的地区市场化水平会促进数字基建对企业金融资产配置的正向影响,但较高的金融监管水平会抑制数字基建对企业金融资产配置的正向影响。进一步分析发现,国有企业和内控水平较高的企业通过数字基建获取资金的边际效用较低,内外部监管不足会导致管理层和大股东出于投资替代动机提高金融资产配置比例。因此,要继续加大数字基建投资力度,校正传统金融中存在的信贷资源错配属性;企业应该完善公司内部治理结构,有效解决企业金融化背后的委托代理问题;金融监管部门要发挥数字基建的靶向治理作用,监管识别企业的金融资产配置动机。

In the era of digital economy,financial technology affects the traditional financial system through new technical means and business models,and the high-quality transformation and development of China's economy urgently needs digital infrastructure to empower the development of the real economy.In the economic environment of the intensification of financialization of real enterprises,the promotion of the gradual“broadband China”strategy is taken as an exogenous event,and the multi-period double difference method is used to explore the impact of digital infrastructure on the financial asset allocation of enterprises.It is found that digital infrastructure has a financialization effect,which has an impact on corporate financial asset allocation in the year of strategy implementation and continues to increase,and the results are still robust after substitution variables,tendency matching scores,exclusion of special samples and comfort construction tests.The impact mechanism shows that financing constraints play a partial role as an intermediary in digital infrastructure and financial asset allocation,and digital infrastructure provides a source of funds for financial asset allocation by alleviating financing constraints.The adjustment mechanism of the external environment shows that the higher level of regional marketization increases the positive impact of digital infrastructure on corporate financial asset allocation,but the higher level of financial supervision inhibits the positive impact of digital infrastructure on corporate financial asset allocation.Further analysis shows that state-owned enterprises and enterprises with high internal control levels have low marginal utility of obtaining funds through digital infrastructure,and insufficient internal and external supervision has led management and major shareholders to increase the proportion of financial asset allocation due to investment substitution motives.Therefore,we should continue to increase investment in digital infrastructure to correct the mismatch of credit resources in traditional finance;enterprises should improve their internal governance structure to solve the principal-agent problem behind the financialization of enterprises;and financial regulatory authorities should play a targeted governance role in digital infrastructure,and regulate and identify the financial asset allocation motivations of enterprises.