数字金融发展与企业产能利用率:基于沪深A股上市公司的实证研究

Digital Finance Development and Enterprise Capacity Utilization:An Empirical Study Based on A-share Listed Companies in Shanghai and Shenzhen

基于2011—2021年A股上市公司样本数据,探讨数字金融发展对企业产能利用率的影响机理。研究发现,数字金融发展能够显著提高企业的产能利用率,促进技术创新、改善资源错配和抑制过度投资是数字金融发展提高企业产能利用率的作用渠道。异质性分析发现,数字金融发展对企业产能利用率的提升作用在融资约束较大企业、高科技企业及市场化程度较低地区企业中表现得更为明显。适当的金融监管能够引导数字金融正外部性的发挥,助力数字金融发展对企业产能利用率的提升作用。据此提出大力推进数字金融发展、深化供给侧结构性改革、增强数字金融监管力度和提升企业质量管理能力等政策建议。

Based on the sample data of A-share listed companies from 2011 to 2021,we explore the mechanism of the impact of digital finance development on the capacity utilization of enterprises.It is found that digital financial development can significantly improve the capacity utilization of enterprises,and promoting technological innovation,improving resource mismatch and suppressing over-investment are the role channels through which digital financial development improves the capacity utilization of enterprises.Heterogeneity analysis finds that the effect of digital finance development on firms’capacity utilization is more pronounced among firms with higher financing constraints,hightech firms,and firms in less market-oriented regions.Appropriate financial regulation can guide the exertion of positive externalities of digital finance and contribute to the role of digital financial development in enhancing the capacity utilization of enterprises.Accordingly,it puts forward policy recommendations such as vigorously promoting the development of digital finance,deepening supply-side structural reform,enhancing the supervision of digital finance and upgrading the quality management capability of enterprises.