摘要
后疫情时代,企业可持续发展能力是经济高质量发展的基础,金融科技有助于提高企业可持续发展能力。但金融科技也会加剧非金融企业影子银行化。基于2016-2021年中国A股上市企业数据,研究发现:金融科技与企业可持续发展能力呈显著倒“U”型关系;金融科技的发展会提高非金融企业的影子银行化水平,从而降低企业可持续发展能力;金融科技对非金融企业影子银行化的促进作用在非国有企业与大规模企业中更为显著。为了提高企业的可持续发展能力,国家应引导金融科技健康发展,深化影子银行业务监管,强化非金融企业主业发展的政策支持。
In the post-epidemic era,the sustainable development ability of enterprises is the basis of high-quality economic development,and the development of fintech helps to improve the sustainable development ability of enterprises.However,fintech has also aggravated the problem of shadow banking of non-financial enterprises.In order to study the above problems and their solutions,based on the data of China s A-share listed companies from 2016 to 2021,this paper finds that:first,fintech has a significant inverted U-shaped relationship with the sustainable development ability of enterprises;secondly,the development of fintech will improve the level of shadow banking of non-financial enterprises,thus reducing the sustainable development ability of enterprises;finally,the promotion effect of fintech on the shadow banking of non-financial enterprises is more significant for non-state-owned enterprises and large-scale enterprises.The research conclusions show that in order to improve the sustainable development ability of enterprises,the state should guide the healthy development of fintech,deepen the supervision of shadow banking business,and strengthen the policy support for the development of non-financial enterprises.
作者
马彧菲
梁智豪
MA Yu-Fei;LIANG Zhi-Hao(Finance School,Yunnan University of Finance and Economics)
出处
《当代金融研究》
2024年第1期45-64,共20页
Journal of Contemporary Financial Research
基金
云南财经大学研究生创新基金项目“金融科技对企业可持续发展能力的影响——基于非金融企业影子银行化背景”(2023YUFEC040)
云南省教育厅科学研究基金项目“数字金融、家庭负债与金融整治”(2023J0673)。
关键词
金融科技
企业可持续发展能力
非金融企业影子银行化
脱实向虚
Fintech
Sustainable Development Ability of Enterprises
Shadow Banking of Non-financial Enterprises
Economic Disengagement from Reality to Virtuality
