数字普惠金融对企业治理水平的影响研究——基于经济政策不确定性视角

Research on the Impact of Digital Inclusive Finance on Corporate Governance Level:From the Perspective of Economic Policy Uncertainty

数字普惠金融实现了数字技术与传统金融的有机结合,对资本市场的稳定起到了积极作用。基于2010-2021年沪深A股上市企业的样本数据,实证检验数字普惠金融对企业治理水平的影响机制以及经济政策不确定性的调节效应。研究结果表明,数字普惠金融可以显著提升企业的治理水平,经济政策不确定性能够强化数字普惠金融对企业治理水平的提升作用。上述结论经过内生性和稳健性检验后依旧成立。从内在机制检验看,数字普惠金融可以通过提升内部控制管理水平和降低融资约束提升企业治理水平。进一步研究发现,数字普惠金融对企业治理水平的提升作用对规模较小、透明度较高、非“四大”审计的企业更加显著。为有效改善企业治理环境,提高企业治理水平,政府和金融机构应当持续推动数字普惠金融发展,不断简化贷款审批流程,同时在制定普惠金融相关政策时更多关注规模较大、透明度较低、“四大”审计的企业;企业应努力提升内部控制管理水平,缓解融资约束,实现高质量发展。

Digital inclusive finance has achieved an organic combination of digital technology and traditional finance,playing a positive role in stabilizing the capital market.Based on the sample data of A-share listed companies in the Shanghai and Shenzhen Stock Exchanges from 2010 to 2021,this study empirically tests the impact mechanism of digital inclusive finance on corporate governance level and the moderating effect of economic policy uncertainty.The research results indicate that digital inclusive finance can significantly improve the governance level of enterprises,and economic policy uncertainty can strengthen the role of digital inclusive finance in enhancing corporate governance level.The above conclusion still holds after endogeneity and robustness tests.From the perspective of internal mechanism testing,digital inclusive finance can enhance corporate governance by improving internal control management level and alleviating financing constraints.Further research has found that the role of digital inclusive finance in improving corporate governance is more significant for smaller,more transparent,and non-Big Four audited enterprises.To effectively improve the governance environment of enterprises and enhance the level of corporate governance,the government and financial institutions should continue to promote the development of digital inclusive finance,continuously simplify the loan approval process,and pay more attention to enterprises with larger scale,lower transparency,and the Big Four audited when formulating inclusive finance related policies.Enterprises should strive to improve their internal control management level,alleviate financing constraints,and achieve high-quality development.