数字金融如何服务实体经济:来自企业主业发展的证据

How Digital Finance Serves the Real Economy:Evidence from Enterprises’Core Business Development

促进企业主业发展是推动实体经济高质量发展的关键。本文使用2011至2020年中国A股上市公司数据,从金融服务实体经济视角,实证检验数字金融对企业主业发展的影响及其作用机制。研究发现,数字金融发展有助于促进企业脱虚向实,进而助推企业主业发展。机制分析表明,数字金融发展通过缓解融资约束、降低信息不对称以及对传统金融服务溢出效应,促进企业主业发展。在非国有企业、中小企业、竞争激烈行业以及金融发展落后地区的企业中,这一促进作用更为显著。本文不仅验证了数字金融对企业主业发展的促进作用,也为进一步创新金融模式、更好引导金融服务实体经济提供了经验证据与政策启示。

Utilizing the data of Chinese listed companies from 2011 to 2020,this paper tests the impact of regional digital finance on the development of enterprises’core business.We found that the development of digital finance promotes the enterprises’core business performance by shifting enterprises from investing in virtual assets to real economy assets.The mechanism analysis shows that the development of digital finance has a positive impact on the development of enterprises’core business through three paths:alleviating enterprises’financing constraints,lowering enterprises’information asymmetry and the spillover effect on banks.Cross sectional analysis shows that the promotion effect is more pronounced for non-state owned enterprises,small-scale enterprises,enterprises with intense industrial competition and insufficient financial development.This paper not only verifies the role of digital finance in promoting enterprises’core business,but also provides empirical evidence and policy implications for further innovating financial models,so as to serve the high-quality development of the real economy in the financial industry better.