摘要
数字普惠金融作为数字技术与金融创新的深度融合,对企业发展有一定的影响。为探讨数字普惠金融发展对企业信用风险的作用机理,以沪、深两市2012—2020年1567家A股上市公司为研究样本,采用链式中介效应模型进行检验。研究发现,数字普惠金融有效抑制了企业信用风险。异质性分析发现,在地区信用环境不发达的地区,数字普惠金融对于企业信用风险的抑制作用更加明显;对民营企业和相对而言的小规模企业的信用风险抑制作用大于国有企业和大型上市公司。机制分析发现,数字普惠金融会通过降低企业融资约束和提高企业全要素生产率的链式中介机制来抑制企业信用风险。
Digital inclusive finance, as a deeper integration of digital technology and financial innovation, has had an impact on micro-enterprise development. To explore the mechanism of the role of the development of digital inclusive finance on corporate credit risk, 1,567 A-share listed companies in Shanghai and Shenzhen from 2012 to 2020 were used as the research sample, and a chain mediating effect model was tested. The study found that digital inclusive finance was effective in curbing corporate credit risk. The heterogeneity analysis found that: the inhibiting effect of digital inclusive finance on corporate credit risk was more pronounced in regions with less developed regional credit environments;the inhibiting effect on credit risk was greater for private and relatively small-scale enterprises than for state-owned enterprises and large listed companies. The mechanism analysis shows that digital inclusive finance can restrain the credit risk of enterprises through the chain intermediary mechanism that reduces the financing constraints of enterprises and improves the total factor productivity of enterprises.
作者
李羚锐
黄先军
Li lingrui;Huang Xianjun
出处
《金融理论与实践》
北大核心
2022年第12期43-53,共11页
Financial Theory and Practice
基金
安徽省哲学社会科学规划项目“安徽数字经济发展的模式识别及水平测度研究”(AHSKQ2021D170)的阶段性成果。
关键词
数字普惠金融
企业信用风险
链式中介机制
digital inclusive finance
corporate credit risk
chain intermediary mechanism
