摘要
互联网金融发展为企业投融资活动提供了新的渠道和方式。基于A股上市公司年度面板数据,实证检验了互联网金融发展对金融错配的影响。研究结果表明:互联网金融与金融错配之间存在着格兰杰因果关系。无论从企业所有制层面的样本数据分析,还是从企业规模层面的样本数据分析,互联网金融发展都有助于缓解金融错配问题,并且这一影响是短暂非连续的。因此,国家应该提高对互联网金融发展的关注度,合理引导互联网金融的发展,完善互联网金融的监管,使互联网金融更好地服务实体经济。
The development of internet finance has provided new channels and ways for enterprise investment and financing activities.Based on the annual panel data of a-share listed companies,this paper empirically examines the impact of internet financial development on financial mismatch.The results show that there is a granger causality between internet finance and financial mismatch.No matter from the analysis of sample data of enterprise ownership level or the analysis of sample data of enterprise-scale level,the development of internet finance can help to alleviate the financial mismatch problem,and the impact is temporary and discontinuous.Therefore,the state should pay more attention to the development of internet finance,reasonably guide the development of internet finance,improve the supervision of internet finance,and make internet finance better serve the real economy.
作者
张庆君
宋小艳
ZHANG Qingjun;SONG Xiaoyan(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China)
出处
《经济与管理》
CSSCI
2020年第5期43-52,共10页
Economy and Management
基金
国家社会科学基金一般项目(15BJL028)。
关键词
互联网金融
金融错配
企业所有制
internet finance
credit mismatch
enterprise ownership
