摘要
基于2011—2020年中国上市企业数据和城市层面的数字普惠金融指数,考察了数字金融对企业现金持有的影响。研究发现,数字金融发展显著增加了区域内企业的现金持有,且数字金融分指标中除了覆盖广度和数字化程度外,二级指标中的数字支付和互联网信贷业务均会显著增加企业现金持有。进一步分析发现,数字金融通过提高经营活动现金流、抑制企业杠杆率和降低债务融资等机制增加了企业现金持有。此外,对于规模较小、民营和弱银企关系的企业而言,数字金融对企业现金持有的影响更显著。研究结论丰富了数字金融发展的经济后果,也拓展了现金持有理论的分析框架。
This study systematically examines the impact of digital finance on corporate cash holdings based on data from listed companies from 2011 to 2020 and the city level digital inclusive finance index.Research has found that digital finance significantly increases the cash holdings of corporate in the region,and in addition to coverage breadth and degree of digitization in the sub indicators of digital finance,digital payment and internet credit business in the secondary indicators will significantly increase the cash holdings of corporate.It is further found that digital finance increases corporate cash holdings through mechanisms such as increasing cash flow from operating activities,inhibiting corporate leverage ratio and reducing debt financing.In addition,for smaller enterprises with private and weak bank enterprise relationships,digital finance has a more significant impact on their cash holdings.This study enriches the economic consequences of the development of digital finance and expands the analytical framework of cash holding theory.
作者
傅顺
王正位
王宇桐
江静琳
FU Shun;WANG Zhengwei;WANG Yutong;JIANG Jinglin(School of Finance,Nanjing Audit University,Nanjing 211815,China;PBC School of Finance,Tsinghua University,Beijing 100083,China)
出处
《审计与经济研究》
北大核心
2023年第4期44-52,共9页
Journal of Audit & Economics
基金
国家自然科学基金青年项目(72103110)。
关键词
数字金融
现金持有
经营现金流
杠杆率
债务融资
普惠金融
digital finance
cash holdings
operating cash flow
leverage
debt financing
inclusive finance
