摘要
本文以2011~2020年沪深A股上市公司面板数据为基础,旨在探讨数字金融对企业债务违约风险的影响。结果表明数字金融的发展有效的降低了企业债务违约风险,且在替换解释变量后进行稳健性检验,结论仍然成立。此外,异质性分析结果显示在数字金融快速发展阶段,其降低企业债务违约风险的作用更为显著。进一步分析发现,融资约束、企业金融化和金融资源错配在数字金融发展水平对企业债务违约的影响中发挥了显著的中介效应。基于以上结果,本文提出了在数字金融背景下,如何降低企业债务违约风险的相关建议。
This article aims to examine the impact of digital finance on the default risk of corporate debt according to the data of China’s A-share listed companies from 2011 to 2020. The research results make clear that the default risk of corporate debt can be effectively weakened, and the conclusion is still valid after the endogeneity test and robustness test by replacing explanatory variables. In addition, heterogeneity analysis results show that in the stage of rapid development of digital finance, its role in reducing corporate debt default risk is more significant. After taking further analysis, financial restrictions, financialization within corporations, and financial resource mismatches are found that they play a significant mediating effect on the impact of digital finance development on corporate debt default. Based on the above results, this article proposes recommendations to mitigate the risk of corporate debt default under the background of digital finance.
出处
《电子商务评论》
2024年第2期2640-2649,共10页
E-Commerce Letters
