基于企业财务柔性储备中介效应的金融科技与企业价值作用机制研究

Study on the Mechanism of the Interaction between Fintech and Enterprise Value Based on the Mediation Effect of Corporate Financial Flexibility Reserve

金融科技的发展,对传统的金融业态和金融市场产生了深刻的影响,也为企业运作带来了新的机遇和挑战。文章以2012—2021年我国A股上市企业为研究对象,选取上市公司财务数据和省级层面的北京大学数字普惠金融指数,实证分析了金融科技对企业价值的影响及作用机制。实证结果表明:金融科技能够显著提升企业价值,这一结果在采用分维度金融科技指标、替换主要变量和将核心解释变量滞后一期回归后仍然显著。进一步分析表明,金融科技通过提高企业财务柔性程度来提升企业价值。

Fintech has had a profound impact on traditional financial formats and markets,and has brought both opportunities and challenges to enterprise operations.In this context,this thesis selects the financial data of A-share listed companies in China from 2012 to 2021 and the provincial level Peking University Digital Inclusive Finance Index to explore the impact and mechanism of fintech on corporate value.The empirical results indicate that fintech can significantly enhance corporate value,and this result remains significant even after using multi-dimensional fintech indicators,replacing major variables,and lagging the core explanatory variables for one period of regression.Further analysis suggests that fintech enhances corporate value by increasing the financial flexibility of enterprises.