数字金融如何影响企业双向投资

How Does Digital Finance Affects Two-way Enterprise Investment?

本文试图从金融市场供给和企业融资约束双重视角,全面探究数字金融对企业双向投资的影响。基于数字金融指数和国泰安微观企业数据库,本文采用多种估计方法进行研究发现,数字金融能够显著促进企业双向投资,但其在数字金融不同维度、企业规模、所在行业方面存在异质性影响,数字金融对小微型企业、技术密集型企业和高新技术企业双向投资的促进作用更为显著。进一步,在影响机制方面,数字金融能够通过降低城市资本错配程度、提高金融产品生态多样性以及缓解企业融资约束等途径提升企业双向投资水平。此外,本文还通过一系列稳健性检验验证了数字金融对企业双向投资的显著促进效果。基于此,在强化金融科技以及构建新发展格局的过程中,需要重视数字金融发展优势,完善信贷策略,创新金融服务方式,依托大数据技术进行精准风控,提升数字金融的业务承载能力和交易效率,以此促进企业双向投资增长。

As an important carrier of the double development dynamic,two-way enterprise investment is of great significance in enhancing the endogenous momentum of economic development and driving highquality economic development.In supporting the development of the real economy,traditional finance has structural problems such as domain mismatch,maturity mismatch and attribute mismatch,and empowered by the digital economy,it has given birth to digital finance.Digital finance applies digital technology to the field of inclusive finance,effectively expanding the coverage of financial services,reducing information asymmetry,and also helping to diversify financial products.How does digital finance affect two-way enterprise investment?Based on the digital finance index and the Cathay Pacific microenterprise database,this paper finds that digital finance significantly promotes twoway enterprise investment,but the promotion effect varies by enterprise size,breadth of coverage,depth of use and degree of digitization.For example,digital finance promotes two-way enterprise investment more significantly for micro,small and medium-sized enterprises(MSMEs),technology-intensive and high-tech enterprises.Further,in terms of the impact mechanism,the development of digital finance can enhance the two-way enterprise investment level of enterprises by reducing capital mismatch,improving the diversity of financial products and alleviating financing constraints.In addition,the significant promotion effect is verified by replacing the digital finance index and fintech development index.Based on the real problems and against the background of digital finance development and two-way enterprise investment under the double development dynamic,the possible innovation and main contribution of this paper are reflected in the following three aspects.Firstly,this paper looks at the construction of the double development dynamic from the perspective of digital finance,introduces digital finance into the micro level of two-way enterprise investment,and comprehensively clarifies its impact on individual enterprises'investment,which is complementary to existing research.Secondly,this paper comprehensively demonstrates the promotion effect of digital finance on two-way enterprise investment through the three secondary indicators of the total digital finance index-breadth of coverage,depth of use,and degree of digitization.Thirdly,this paper adopts various analytical methods to supplement and expand the influence mechanism of digital finance on two-way enterprise investment,such as resource mismatch,financial product diversity,and financing constraints.It also takes into account the financial development status,the degree of marketization,industry heterogeneity and other differences,to comprehensively reveal the impact of digital finance on two-way enterprise investment.The research conclusions provide important policy support for the healthy and stable development of digital finance,the real economy and the financial market.