摘要
凭借良好的数字红利环境和尖端的数字技术应用,数字金融发展推动了金融服务效率再上新阶梯,为培育中国企业全球竞争优势,提升企业国际化水平奠定了新的发展动能。文章结合数字金融发展数据和上市企业财务数据,就数字金融影响企业国际化水平的具体机制展开分析。研究发现,数字金融发展显著提高了企业国际化水平,产生了企业国际化水平提升的规模效应,并且这一作用就不同样本分类存在异质性。机制研究显示,融资约束缓解和数字化转型深化是数字金融发展影响企业国际化水平的具体渠道。在考虑核心指标稳健性、城市特殊性、行业发展特征和计量模型设定方式,并通过安慰剂检验和工具变量回归来解决内生性问题后,数字金融发展产生的企业国际化水平的提升作用依然稳健。进一步研究表明,数字金融发展存在人力资本结构优化的“倒金字塔”效应和企业价值链的拓展效应,深化了企业的国际化进程;数字金融发挥的作用具有明显的溢出效应,溢出范围囿于邻市之内。文章研究为借助数字金融发展培育世界一流企业队伍给出了有效见解。
With the favorable digital dividend environment and the application of cutting-edge digital technology,the development of digital finance has promoted the efficiency of financial services to a new level,laying a new development momentum for cultivating the global competitive advantage of Chinese fims and improving the level of firms'internationalization.Based on this,this paper combines the development data of digital finance and the financial data of listed companies to systematically analyze the specific mechanism by which digital finance affects firms'internationalization level.The study finds that the development of digital finance has significantly improved the level of firms'internationalization,resulting in a scale effect of improving the level of internationalization of enterprises,which is heterogeneous with respect to different sample classifications.Mechanism research shows that the alleviation of financing constraints and the deepening of digital transformation are the specific channels through which the development of digital finance affects firms'internationalization level.In addition,after considering the robustness of core indicators,city specificity,industry development characteristics,model setting methods,and solving endogeneity problems through placebo test and instrumental variable regression,the development of digital finance still results in an improvement in firms'internationalization level.Further research shows that the development of digital finance has the"inverted pyramid"effect of human capital structure optimization and the expansion effect of the enterprise value chain,which deepens firms'internationalization process.The role played by digital finance has obvious spillover effects,and the spillover scope is limited to adjacent city.The improvement of the market-oriented system will provide a superimposed effect on the influence from development of digital finance.Therefore,this study provides a new perspective for cultivating world-class enterprise teams with the help of digital fi
作者
金祥义
张文菲
JIN Xiangyi;ZHANG Wenfei
出处
《世界经济研究》
CSSCI
北大核心
2024年第1期105-119,M0004,共16页
World Economy Studies
基金
国家自然科学基金青年项目“数字金融驱动中国企业出口价值链升级的机制和政策研究”(项目编号:72203083)
甘肃省哲学社会科学规划一般项目“数字金融发展推动甘肃省出口贸易高质量增长的影响研究”(项目编号:2022YB022)
甘肃省基础研究计划—软科学专项“人工智能促进甘肃省污染治理提效的机理研究:作用依据与政策分析”(项目编号:23JRZA373)
中央高校基本科研业务费专项资金项目“数字经济驱动相对贫困治理的机制与‘一带一路’互学互鉴研究”(项目编号:2022jbkyjd010)的资助。
