摘要
僵尸企业已成为我国经济持续健康发展的阻碍,如何有效治理企业僵尸化已成为政府和学术界关注的焦点。本文基于2011-2019年新三板上市公司的样本数据及北京大学数字金融研究中心的数字金融数据,采用Logit模型实证研究了数字金融发展对企业僵尸化的影响及其内在机制。研究结果表明:数字金融的发展能够有效抑制企业僵尸化;融资可得性提高与融资成本降低是数字金融影响企业僵尸化的两个重要机制;从数字金融维度、所在地域差异与是否属于高科技行业三个视角进行异质性分析。结果显示,数字金融发展在数字化程度这一维度对抑制企业僵尸化作用最大,数字金融发展抑制企业僵尸化的作用在位于东部地区和属于高科技行业的企业中表现得更加显著。
Zombie enterprises have become an obstacle to the sustained and healthy development of China's economy,and how to effectively manage the zombification of enterprises has become a focus of attention for the government and academia.This article is based on sample data of companies listed on the New Third Board from 2011 to 2019 and digital finance data from the Digital Finance Research Center of Peking University.We use the Logit model to empirically study the impact of digital finance development on corporate zombification and its underlying mechanisms.The research results indicate that the development of digital finance can effectively suppress the zombification of enterprises;Improving financing availability and reducing financing costs are two important mechanisms by which digital finance affects the zombification of enterprises;Heterogeneity analysis was conducted from three perspectives:the dimension of digital finance,regional differences,and whether it belongs to the high-tech industry.The results showed that the development of digital finance has the greatest impact on suppressing corporate zombie formation in the dimension of digitalization.The role of digital finance in suppressing corporate zombie formation is more significant in enterprises located in the eastern region and belonging to the high-tech industry.
作者
高思佳
翁佳怡
高昕
GAO Sijia;WENG Jiayi;GAO Xin(School of Business,Taizhou University Taizhou,Zhejiang 318000)
出处
《中国商论》
2023年第10期105-110,共6页
China Journal of Commerce
基金
国家级大学生创新创业训练计划项目(202210350011)
台州学院校级大学生创新创业训练计划项目(S202210350084)。
关键词
数字金融
企业僵尸化
融资可得性
融资成本
LOGIT模型
digital finance
corporate zombification
availability of financing
financing costs
Logit model
