金融强监管与企业数字化转型——来自“资管新规”的证据

Strong Financial Regulation and Corporate Digital Transformation—Evidence from New Asset Management Regulation

强化金融监管、引导金融资源赋能企业高质量发展是建设金融强国的重要路径。基于“资管新规”这一准自然实验,可以研究金融强监管与企业数字化转型的关系。研究发现,“资管新规”实施后,金融化程度较高企业的数字化转型程度显著提升,表明加强金融监管能够抑制企业“脱实向虚”。机制分析表明,对于金融化程度较高的企业,金融强监管能有效发挥替代效应和融资效应,促进企业数字化转型。异质性分析表明,金融强监管对于企业数字化转型的促进作用在非国有、逐利型、资本要素密集型企业中表现更为明显。研究结论不仅为监管有效观提供了新的微观证据,还丰富了企业数字化转型的制度驱动因素,对于推动我国金融高质量发展具有现实意义。

Strengthening financial regulation and guiding financial resources to empower enterprises for high-quality development is an important path to building financial powerhouse.Based on the quasi-natural experiment of New Asset Management Regulations(NAMR),the relationship between strong financial regulation and corporate digital transformation is investigated.The study found that after implementing the NAMR,the degree of digital transformation of enterprises with a higher degree of financialization increased significantly,indicating that strengthening financial regulation can inhibit enterprises from“shifting from reality to virtuality”and support the concept of adequate supervision.Mechanism analysis shows that for companies with a high degree of financialization,strong financial regulation can effectively play the substitution effect and financing effect,and promote the digital transformation of enterprises.Heterogeneity analysis shows that the role of strong financial regulation in improving enterprises’digital transformation is more evident in private,profit-seeking,and capital-factor-intensive enterprises.The research conclusions provide new micro-evidence for adequate supervision and enrich the institutional driving factors of enterprise digital transformation,which have specific practical significance for promoting high-quality financial development in China.