数字金融、融资约束与企业资本劳动比

On Digital Finance,Financing Constraints and Firms’Capital-Labor Ratio

文章以2011—2021年中国沪深A股上市企业为研究样本,深入剖析了数字金融对企业资本劳动比的影响、作用机制以及异质性。研究发现,数字金融能够显著提升企业资本劳动比。机制分析发现,数字金融通过缓解融资约束有效提升企业资本劳动比。异质性检验发现,数字金融对企业资本劳动比的影响因数字金融结构、企业内部特征与外部环境的差异而存在异质性,具体为数字金融覆盖广度能够显著提升企业资本劳动比,数字化程度对企业资本劳动比的影响呈显著的正“U”型曲线,使用深度的影响不显著;数字金融对小规模企业、非国有企业、劳动密集型行业企业、非衰退期企业、东部地区企业以及市场化水平较高地区企业资本劳动比提升的促进作用更显著。对此,提出优化数字金融发展环境,引导企业利用数字金融提升资本劳动比,营造公平竞争的市场环境促进企业健康发展的建议。

This paper takes China’s Shanghai and Shenzhen A-share listed enterprises from 2011 to 2021 as research samples,and deeply analyzes the impact,mechanism and heterogeneity of digital finance on enterprises’capital-labor ratio.The study found that digital finance can significantly improve the capital-labor ratio of enterprises.Mechanism analysis found that digital finance ef⁃fectively improves the capital-labor ratio of enterprises by easing financing constraints.Heterogeneity test shows that the impact of digital finance on capital-labor ratio of enterprises is heterogeneous due to differences in digital finance structure,internal charac⁃teristics of enterprises and external environment.Specifically,the coverage breadth of digital finance can significantly improve the capital-labor ratio of enterprises,while the impact of digitalization degree on the capital-labor ratio of enterprises shows a signifi⁃cant positive“U”curve,while the impact of use depth is not significant.Digital finance plays a significant role in promoting the capital-labor ratio of small-scale enterprises,non-state-owned enterprises,labor-intensive enterprises,enterprises in non-reces⁃sion period,enterprises in the eastern region and enterprises in areas with higher marketization level.In this regard,suggestions are put forward to optimize the development environment of digital finance,guide enterprises to use digital finance to improve the ratio of capital to labor,and create a fair competition market environment to promote the healthy development of enterprises.