数字经济、信息不对称与融资约束——基于数字型中小企业的实证研究

Digital Economy, Information Asymmetry, and Financing Constraints--Empirical Research Based on Digital Small and Medium Enterprises

本文采用2016—2020年数字产业上市公司的实证数据,运用stata16研究了数字经济如何缓解公司融资约束程度以及背后的机理。数据回归分析表明:数字型上市公司可以通过提高数字经济的发展水平,从而抑制代理成本,提高会计信息质量,减弱信息不对称程度。同时,数字技术也为其带来了更多的技术支撑,两个方面的结合有助于缓解存在的融资约束,回归结果也支持了这一论断。进一步将样本企业数据分为高信息不对称组和低信息不对称组,实验结果表明:在数字经济下高信息不对称组的融资约束缓解效果高于低信息不对称组。

This article uses empirical data from listed companies in the digital industry from 2016 to 2020,and uses Stata16 to study how the digital economy alleviates the degree of corporate financing constraints and the underlying mechanisms.Data regression analysis shows that digital listed companies can suppress agency costs,improve accounting information quality,and weaken information asymmetry by improving the development level of the digital economy.At the same time,digital technology has also brought more technical support,and the combination of the two aspects can help alleviate the existing financing constraints.The regression results also support this assertion.Further dividing the sample enterprise data into high information asymmetry group and low information asymmetry group,the experimental results show that the financing constraint relief effect of the high information asymmetry group is higher than that of the low information asymmetry group in the digital economy.