摘要
本文通过利用北京大学普惠数字金融指数衡量数字金融的发展,实证分析了数字金融发展对我国中小上市企业金融化的影响。研究发现,数字金融发展对中小企业金融化产生显著的正向作用,并且验证了融资约束在数字金融发展对中小企业金融化影响过程中产生中介效应。进一步研究发现,数字金融发展对非国有中小企业的金融化影响相比国有中小企业更显著;数字金融发展对于代理成本越高的中小企业产生越显著的正向影响效果。
By using the Inclusive Digital finance index of Peking University to measure the development of digital finance,this paper empirically analyzes the influence of the development of digital finance on the financialization of small and medium-sized listed enterprises in China.The research finds that the development of digital finance has a significant positive effect on the financialization of small and medium-sized listed enterprises,and verifies that financing constraints have a mediating effect on the influence of digital finance development on the financialization of small and medium-sized listed enterprises.Further research shows that the development of digital finance has a more significant impact on the financialization of non-state-owned small and medium-sized listed enterprises than state-owned small and medium-sized listed enterprises.The development of digital finance has a more significant positive effect on small and medium-sized listed enterprises with higher agency costs.
出处
《浙江金融》
2021年第3期19-29,共11页
Zhejiang Finance
关键词
数字金融
融资约束
中小企业金融化
中介效应
Digital Finance
Financing Contract
Financialization of Small and Medium-sized Enterprises
Intermediary Effect
