商业银行数字化转型与企业贷款资金配置——基于企业逐笔贷款合约的经验证据

Digital Transformation of Commercial Banks and Capital Allocation of Enterprise Loans:Based on Empirical Evidence of Enterprise Loan Contracts

数字经济背景下,数字技术深度赋能商业银行业务转型能否破除企业融资困境值得深究。基于2011—2021年中国上市公司逐笔贷款合约数据,理论分析并实证考察商业银行数字化转型对企业贷款资金配置的影响。结果表明,商业银行数字化转型能够显著优化企业贷款合约制定,表现为贷款规模增加、期限延长、利差降低及信用升级。作用机制分析表明商业银行数字化转型主要通过降低风险承担和缓解信息不对称优化企业贷款合约制定。进一步分析表明,商业银行数字化转型能够提升信贷资源配置效率;异质性分析表明商业银行数字化转型的优化效应在民营企业和高新技术企业中更加明显。因此,数字化转型不仅丰富了商业银行的微观经济效益,也为商业银行缓解企业融资困境、推进实体经济高质量发展提供了有益参考。

Under the background of the digital economy,it is worth exploring whether digital technology can deeply empower the business transformation of commercial banks to break enterprises' financing dilemmas.Based on the loan data of Chinese listed enterprises from 2011 to 2021,the impact of commercial banks' digital transformation on enterprise loan capital allocation was theoretically analyzed and empirically examined.The results show that the digital transformation of commercial banks can significantly optimize the formulation of enterprise loan agreements,manifesting in the increase of loan size,the extension of maturity,the reduction of interest margin,and the upgrading of credit.The mechanism analysis shows that the digital transformation of commercial banks mainly optimizes the formulation of enterprise loan agreements by reducing risk-bearing and alleviating information asymmetry.Further analysis shows that commercial banks' digital transformation can improve credit resource allocation efficiency.The heterogeneity analysis shows that the optimization effect of commercial banks' digital transformation is more obvious in private enterprises and high-tech enterprises.Therefore,digital transformation not only enriches the microeconomic benefits of commercial banks but also provides a valuable reference for alleviating enterprises' financing difficulties and promoting the high-quality development of the real economy.