数字金融与企业金融化:综述与展望

Overview of the Impact of Digital Finance on Corporate Financialization

随着数字金融的发展,越来越多的学者关注到其对企业金融化的影响。本文在阅读相关文献的基础上,系统总结和梳理数字金融及企业金融化的概念、度量方式、数字金融对企业金融化的影响,并分别从投机性动机与预防性动机、投资与融资两个角度归纳数字金融对企业金融化影响及作用机制。总体来看,数字金融对企业金融化的影响尚存在不一致的结论,可能的原因在于企业金融化度量方式及金融资产范围界定的不同,这也是未来企业金融化研究领域所需解决的问题之一。

With the development of digital finance,more and more scholars pay attention to its impact on the financialization of enterprises.On the basis of reading relevant literature,this paper systematically summarizes and sorts out the concepts and measurement methods of digital finance and corporate financialization,as well as the impact of digital finance on corporate financialization,and summarizes the impact and mechanism of digital finance on corporate financialization from the perspectives of speculative motivation and preventive motivation,investment and financing.Overall,there are still inconsistent conclusions on the impact of digital finance on corporate financialization,which may be due to the differences in the measurement methods of corporate financialization and the definition of the scope of financial assets,which is also one of the problems to be solved in the future research field of corporate financialization.