数字基础设施建设与金融市场稳定

Digital Infrastructure Development and Financial Market Stability

在基础设施与信息环境不断完善的背景下,探讨中国数字经济发展在金融市场上的溢出效应具有重要意义。本文基于2008—2021年A股上市公司样本,以“宽带中国”战略为外生冲击,考察了数字基础设施建设对金融市场稳定的影响。研究发现,数字基础设施建设对股价崩盘风险有显著的抑制作用。进一步的研究表明,数字基础设施建设通过降低企业信息披露风险、经营风险及供应链集中度,进而抑制股价崩盘风险;这一负相关关系在对“坏消息”反应灵敏度低、经营多元化程度低、供应链紧密程度高及中西部地区的企业中更为显著。本文提供了数字基础设施建设抑制企业股价崩盘风险的经验证据,不仅从金融市场稳定的视角丰富了数字基础设施建设经济后果的相关研究,也为国家进一步推进“新基建”、建立防范金融风险的长效机制提供参考。

Against the backdrop of improving infrastructure and the information environment, it is significant to explore the effects of China's digital economy development in the financial market. Based on a sample of A-share listed companies from 2008 to 2021, this paper examines the impact of digital infrastructure development on the stability of the financial market, using the “Broadband China” strategy as an exogenous shock. It has been found that digital infrastructure development significantly reduces the risk of stock price crashes. Further research shows that digital infrastructure development mitigates the risk of stock price collapse by lowering the risk of corporate disclosure, operational risk, and supply chain concentration;this negative relationship is more significant in firms with low sensitivity to “bad news”, low degree of operational diversification, and high degree of supply chain closeness, as well as those in the central and western regions. This negative relationship is more pronounced in firms with low sensitivity to “bad news”, low business diversification, and high supply chain closeness, and in the Midwest. This paper provides empirical evidence that digital infrastructure construction reduces the risk of corporate stock price collapse, which not only enriches the research on the economic consequences of digital infrastructure construction from the perspective of financial market stabilization but also provides a reference for the country to further promote the “new infrastructure” and establish a long-term mechanism for preventing financial risks.