摘要
数字金融是金融与科技的高度耦合,对微观企业全要素生产率与宏观经济高质量发展至关重要。基于2012—2018年数字金融指数与A股上市公司的匹配样本,探讨数字金融对企业全要素生产率的影响,以及产品市场竞争地位对该关系的调节作用。研究发现,数字金融能够促进企业全要素生产率提升,并且数字金融在产品市场竞争地位较低的企业中发挥了更好地促进效果。进一步研究发现,数字金融的微观作用机制可通过以下三条传导路径:降低信贷成本、缓解融资约束和驱动企业创新。数字金融不仅能够缓解企业融资“贵”和“难”的实践问题,同时也赋能数字科技助力企业创新。此外,相比于高新技术行业,数字金融对非高新技术行业的企业全要素生产率的促进效果更为显著。因此,数字金融发挥了其包容性和普惠性优势,尤其对在传统金融市场中竞争地位较低的长尾群体而言,发挥着尤为显著的促进效果。
Digital finance is highly coupled from finance and technology,and is crucial to the total factor productivity and high-quality development of macro economy.Based on the matching sample of digital financial index and A-share listed companies from 2012 to 2018,the impact of digital finance on the total factor productivity of enterprises,and the regulatory role of product market competitive position on this relationship are discussed.The research found that digital finance can promote the improvement of enterprise total factor productivity,and digital finance plays a better promotion effect in enterprises with low competitive position in the product market.Further research found that the micro action mechanism of digital finance can be transmitted through the following three transmission paths:reducing credit costs,easing financing constraints,and driving enterprise innovation,that is,digital finance can not only alleviate the“expensive”and“difficult”practical problems of enterprise financing,but also enable digital technology to help enterprises innovate.In addition,the group discussion of industry heterogeneity found that compared with high-tech industries,digital finance has a more significant effect on promoting enterprise total factor productivity in non-high-tech industries.Therefore,digital finance has played its inclusive and inclusive advantages,especially for the long tail group with low competitive status in the traditional financial market,it is undoubtedly a“timely help”,playing a particularly significant promoting effect.
作者
王桢
祁亚
张永丽
WANG Zhen;QI Ya;ZHANG Yong-li(Business School,Northwest Normal University,Lanzhou 730070,China;0x09School of Accounting,Capital University of Economics and Business,Beijing 100070,China;Gansu Precision Poverty Alleviation and Regional Development Research Center,Lanzhou 730070,China)
出处
《哈尔滨商业大学学报（社会科学版）》
CSSCI
2023年第2期29-45,61,共18页
Journal of Harbin University of Commerce:Social Science Edition
基金
国家自然科学基金项目“精准帮扶过程中道德风险的形成机理及规避研究”(72063029)
教育部人文社会科学研究规划基金项目“精准扶贫过程中逆向选择、道德风险的形成机理及规避措施研究”(18XJA790009)。
