数字普惠金融、生命周期与民营企业非效率投资

Digital Inclusive Finance,Life Cycle and Inefficient Investment of Private Enterprises

以2014—2021年中国A股上市民营企业为研究对象,实证考察数字普惠金融发展对民营企业非效率投资的影响。研究发现:数字普惠金融有效抑制民营企业非效率投资,且降低代理成本及纾解财务风险是数字普惠金融作用于民营企业非效率投资的主要路径。进一步基于企业生命周期的视角分析发现,数字普惠金融对成长期和成熟期的民营企业非效率投资具有显著的抑制作用,但是对衰退期的民营企业非效率投资的作用则不显著。此外,研究还发现,在地域位置处于东部地区、管理层持股比例较高的民营企业,数字普惠金融对非效率投资的抑制作用更显著。研究从企业生命周期动态视角拓展了民营企业非效率投资的研究,也为数字普惠金融推动民营经济发展提供进一步证据。

Taking Chinese A-share listed private enterprises from 2014 to 2021 as the research object,this study empirically examines the impact of digital inclusive finance development on inefficient investment of private enterprises.Research has found that digital inclusive finance effectively suppresses inefficient investment by private enterprises,and reducing agency costs and alleviating financial risks are the main paths through which digital inclusive finance acts on inefficient investment by enterprises.Based on the perspective of the enterprise lifecycle,digital inclusive finance has a significant inhibitory effect on inefficient investment of enterprises in the growth and maturity stages,but it is not significant for inefficient investment of enterprises in the recession stage.In addition,the study also found that in private enterprises located in the eastern region with a high proportion of management shareholding,digital inclusive finance has a more significant inhibitory effect on inefficient investment.This study expands the research on inefficient investment in private enterprises from the dynamic perspective of the enterprise life cycle,and provides further evidence for digital inclusive finance to promote the development of the private economy.