摘要
数字金融对促进制造业企业高质量发展意义重大。以2011—2020年我国A股上市制造业企业为研究样本,从4个维度构建企业高质量发展指数并与地区数字金融指数进行匹配,实证检验数字金融发展与制造业企业高质量发展之间的内在联系及作用机制。研究发现:数字金融能显著推动制造业企业实现高质量发展,且这一影响在区域、数字维度和产权方面存在异质性,融资约束在其中起中介作用。进一步机制检验发现:数字金融在纾解制造业企业的融资困境后,会通过增加技术创新、改善投融资期限错配问题推动制造业企业的高质量发展。因此,政府要加大数字金融发展力度,促进数字金融发展的区域、维度协调性,增强民企融资保障;企业需加快财务数字化转型、增强技术创新、提高会计信息质量,从不同维度推动制造业企业高质量发展。
Digital finance is of great significance to promoting the high-quality development of manufacturing enterprises.This paper selects China's A-share listed manufacturing enterprises from 2011 to 2020 as the research sample,constructs the high-quality development index of enterprises from four dimensions and matches it with the regional digital financial index,and empirically tests the internal connection and function mechanism between the development of digital finance and the high-quality development of manufacturing enterprises.The research finds that digital finance can significantly promote the high-quality development of manufacturing enterprises,and this impact is heterogeneous in terms of regions,digital dimensions and property rights,and financing constraints play an intermediary role.Further mechanism testing finds that after alleviating the financing difficulties of manufacturing enterprises,digital finance will promote the high-quality development of manufacturing enterprises by increasing technological innovation and improving the maturity mismatch of investment and financing.Therefore,the government should strengthen the development of digital finance,promote the regional and dimensional coordination of the development of digital finance,and enhance the financing guarantee of private enterprises;enterprises need to accelerate financial digital transformation,enhance technological innovation,improve the quality of accounting information,and promote the high-quality development of manufacturing enterprises from different dimensions.
作者
宋佳
张金昌
Song Jia;Zhang Jinchang
出处
《企业经济》
北大核心
2022年第7期127-138,共12页
Enterprise Economy
基金
陕西省教育委员会基金项目“‘双循环’背景下陕西省经济高质量发展新格局构建研究——基于产能过剩视角”(项目编号:21JK0410)
中国社会科学院重点登峰战略企业管理优势学科建设项目(项目编号:210203005)。
关键词
数字金融
高质量发展
融资约束
技术创新
投融资期限错配
digital finance
high-quality development
financing constraints
technological innovation
maturity mismatch of investment and financing
