摘要
选用2011—2020年3565家沪深A股上市公司的面板数据,研究金融数字化发展缓解金融摩擦对企业全要素生产率冲击的作用和途径。研究结果表明,金融摩擦对企业全要素生产率具有显著的负向冲击,金融数字化发展可以有效缓解金融摩擦的冲击作用;相较于数字化程度,数字普惠金融的缓解作用效果更好。细分金融摩擦之后,发现金融数字化发展可以缓解融资成本和资本错配,促进企业全要素生产率提升,但无法通过提高融资可得性来提高企业全要素生产率。研究结论对于提升金融数字化发展的饱和性与融合深度,从而缓解金融摩擦,促进经济高质量发展,提供了经验证据。
This study investigates the role of the development of financial digitalization in mitigating the impact of financial frictions on the total factor productivity of firms and its pathway using the panel data of 3,565 A-share listed firms in Shanghai and Shenzhen from 2011 to 2020.The results revealed that financial frictions had a significant negative impact on firms'total factor productivity,while the development of financial digitalization can effectively mitigate the impact of financial frictions.When comparing the degree of digitalization,digital financial inclusion was found to have a better mitigating effect.After breaking down financial frictions,this study found that the development of financial digitalization could mitigate financing costs and capital mismatches and improve firms'total factor productivity.However,it could not boost firms'total factor productivity by increasing financing availability.The conclusions of this study provide empirical evidence for increasing saturation and depth of integration in the development of financial digitalization,which in turn mitigates financial frictions and thus facilitates high-quality economic development.
作者
史小坤
辛子辰
Shi Xiaokun;Xin Zichen
出处
《金融经济学研究》
北大核心
2023年第2期97-111,共15页
Financial Economics Research
基金
国家社会科学基金一般项目(21BJY174)
教育部2022年规划课题(22YJA790042)
浙江工商大学泰隆金融学院2020年度重点项目(TFS20KY004)。
关键词
金融摩擦
企业全要素生产率
金融数字化发展
数字普惠金融
financial friction
firm total factor productivity
financial digitalization development
digital financial inclusion
