文献类型：期刊文献

中文题名：数字金融如何影响企业投资结构?

英文题名：How Does Digital Finance Affect Corporate Investment Structure?

作者：司敏[1];王桂祯[2];赵彦锋[3]

第一作者：司敏

机构：[1]西安热工研究院有限公司,陕西西安710054;[2]国网河南省电力公司洛阳供电公司,河南洛阳471000;[3]河南财经政法大学会计学院,河南郑州450046

第一机构：西安热工研究院有限公司,陕西西安710054

年份：2023

卷号：42

期号：8

起止页码：60-71

中文期刊名：企业经济

外文期刊名：Enterprise Economy

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；

基金：河南省科技厅软科学项目“数字金融影响企业‘脱虚向实’的机制及经济后果研究”(项目编号:232400412039)。

语种：中文

中文关键词：数字金融;企业投资结构;金融错配;代理冲突;金融监管

外文关键词：digital finance;enterprise investment structure;financial misallocation;agency conflict;financial supervision

摘要：我国正处在结构调整与转型升级的关键时期,实体经济健康发展尤为重要,数字金融能否助力实体企业“脱虚向实”备受关注。本文利用2011—2020年我国沪深两市非金融企业样本,考察数字金融如何影响企业投资结构及其具体机制。研究发现:数字金融能够促进企业“脱虚向实”,即抑制金融投资并促进实体投资,且该效应具有持续性;中介效应检验表明,纠正金融错配、缓和第二类代理冲突是数字金融影响企业投资结构的机制;异质性分析显示,在民营企业、信息透明度低企业、金融发展水平低地区企业以及互联网金融监管力度强企业中,数字金融对投资结构的积极影响在以上样本更显著。本文对合理利用数字金融服务、优化金融配置以及加强金融监管具有重要的启示作用。
China is in a critical period of structural adjustment,transformation and upgrading,and the healthy development of real economy is particularly important.Whether digital finance can help real enterprises to"move from virtual to real"has attracted much attention.Based on the sample of non-financial enterprises in Shanghai and Shenzhen from 2011 to 2020,this paper examines how digital finance influences corporate investment structure and its specific mechanism.It is found that digital finance can promote enterprises to"move from virtual to real",that is,to restrain financial investment and promote physical investment,and the effect is sustainable;the mediation effect test shows that correcting financial mismatch and alleviating the second type of agency conflict are the mechanisms by which digital finance influences the investment structure of enterprises;heterogeneity analysis shows that among private enterprises,enterprises with low information transparency,enterprises in areas with low financial development level,and enterprises with strong Internet financial supervision,the positive impact of digital finance on investment structure is more significant in the above samples.This article has important implications for the rational utilization of digital financial services,optimizing financial allocation,and strengthening financial supervision.