数字金融发展对企业杠杆操纵是抑制还是促进?

Does the Development of Digital Finance Inhibit or Promote Corporate Leverage Manipulation?

本文选取2011~2022年中国A股非金融类上市公司为研究样本,实证检验了数字金融和企业杠杆操纵之间的关系。结果表明,数字金融的发展显著降低了企业杠杆操纵水平。关于影响机制,数字金融发展通过缓解融资约束的方式来抑制企业杠杆操纵。从影响异质性来看,数字金融对融资约束程度高、高管有金融工作背景、账面杠杆率高的企业抑制作用更强。就门槛特征而言,数字金融抑制企业杠杆操纵存在门槛效应,数字金融发展水平超过阈值后才会显著抑制企业杠杆操纵。

This study examines the relationship between digital finance and corporate leverage manipulation using China's A-share non-financial listed companies from 2011 to 2022 as empirical samples.The findings indicate that digital finance development significantly curtails the extent of corporate leverage manipulation.Concerning influence mechanisms,the development of digital finance curtails corporate leverage manipulation by mitigating financing constraints.Considering impact heterogeneity,digital finance more strongly inhibits leverage manipulation in enterprises facing high financing constraints,those led by senior executives with a financial background,and those with a high book leverage ratio.Regarding threshold characteristics,digital finance exhibits a threshold effect in curbing enterprise leverage manipulation;significant inhibition occurs only once its development level surpasses this threshold.