摘要
在我国金融体系数字化变革的背景下,探究数字金融发展对企业全要素生产率的影响及作用机制具有重要意义。利用A股上市公司2011—2018年面板数据,采用双向固定效应模型进行实证检验后发现,数字金融发展有效提升了企业全要素生产率。从结构上看,数字金融覆盖广度是主要驱动力,其次是使用深度,而数字化程度表现出与企业全要素生产率的U型关系。多重中介效应模型结果表明,缓解融资约束、促进创新是数字金融发展推动企业全要素生产率提升的驱动机制,其中促进创新是关键。此外,在异质性特征识别中发现,数字金融发展更有助于提升大规模企业、高市场化进程地区和低监管强度地区企业的全要素生产率。因此,建议分析数字金融驱动企业全要素生产率增长的结构化差异,通过金融创新来提升服务实体经济的能力和效率。
In the context of Chinese financial system undergoing digital transformation,it is of great significance to explore the impact of digital finance development on the TFP of enterprises and its action mechanism.By making use of the panel data of A-share listed companies from 2011 to 2018 and employing the two-way fixed effect model,this paper conducts an empirical test.The findings show that the development of digital finance has effectively promoted the TFP of enterprises.In terms of structure,the covering range of digital finance is the major driving force,followed by the depth of usage,while the degree of digitization shows a U-shaped relationship with the total factor productivity of enterprises.With the help of multiple intermediary effect models,it is found that to relieve the financing restrictions and to promote innovation is the driving mechanism of digital finance development to compel the improvement of TFP of enterprises,in which the key is to promote innovation.In addition,in the identification of heterogeneous characteristics,it is found that the development of digital finance is more conducive to improving the total factor productivity of large-scale en-terprises,enterprises in areas with higher marketization process,and enterprises in areas with lower regulatory intensity.Therefore,it is suggested to analyze the structural differences of digital finance in driving the growth of TFP of enterprises,and to improve the capability and efficiency in serving the real economy through financial innovation.
作者
段军山
高雯玉
DUAN Jun-shan;GAO Wen-yu(Guangdong University of Finance and Economics,Guangzhou 510320;Nankai University,Tianjin 300350,China)
出处
《当代财经》
CSSCI
北大核心
2022年第5期51-62,共12页
Contemporary Finance and Economics
基金
国家自然科学基金面上项目“基于资产价格隐含信息的最优资产配置与风险管理”(71971068)。
关键词
数字金融
企业全要素生产率
影响机制
异质性识别
digital finance
total factor productivity
impact mechanism heterogeneity identification
