数字金融与企业融资效率研究——基于A股上市公司的实证分析与机制检验

Digital Finance and Enterprise Financing Efffciency——Empirical Analysis and Mechanism Test Based on A-share Listed Companies

新兴数字技术的发展,将如何影响企业融资效率?本文基于A股上市公司数据,实证分析数字金融对企业融资效率的影响及作用机制。研究结果表明,数字金融的发展能够提高企业融资效率;机制分析表明,数字金融的快速发展能够有效降低企业的财务费用,进而一定程度上提高企业融资效率。此外,在企业信息透明度提高的基础上,数字金融的发展提高企业融资效率的作用将被强化,期望本文的研究结论有助于解决企业“融资难”“融资贵”问题并提高实体经济发展质量。

How will the development of emerging digital technologies affect enterprise ffnancing efffciency?Based on the data of A-share listed companies,this paper empirically analyses the impact and mechanism of digital ffnance on enterprise ffnancing efffciency.The results show that the development of digital ffnance can improve enterprise ffnancing efffciency;the mechanism analysis shows that the rapid development of digital ffnance can effectively reduce the ffnancial costs of enterprises,thus improving enterprise ffnancing efffciency to a certain extent;in addition,based on improving the transparency of enterprise information,the development of digital ffnance to improve enterprise ffnancing efffciency will be strengthened.These ffndings help to solve the problem of difffcult and expensive ffnancing and improve the quality of real economic development.