| 数字金融与企业金融化：“脱实向虚”还是“脱虚向实”？ |
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| 引用本文：乔彬1，申钰晴1，赵广庭1，钟昌标2.数字金融与企业金融化：“脱实向虚”还是“脱虚向实”？[J].财经理论与实践,2024,(6):19-26 |
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| 中文摘要:基于2011—2021年沪深A股上市公司面板数据，构建双向固定效应模型考察了数字金融对企业金融化的影响及机制。结果显示：数字金融增强了逐利性动机和预防性动机、降低了期间费用和融资约束，总体上促进了企业金融化，尤其对非国有、非制造业、东部地区与中部地区、金融监管前的企业而言，这种促进作用更为突出。进一步分析表明，数字金融通过企业金融化提高了企业创新水平与增加了经营风险，因此，数字金融作用下的企业并未“脱实向虚”或“脱虚向实”，而是处在“虚实互补”阶段。鉴于此，政府应加快完善数字金融生态环境，引导企业利用数字金融合理配置金融资产反哺主营业务发展，同时注意防范金融风险。 |
| 中文关键词:数字金融 企业金融化 预防性动机 逐利性动机 经营风险 |
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| Digital Finance and Enterprise Financialization: “From Real to Virtual” or “From Virtual to Real”? |
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| Abstract:Based on the panel data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, this paper constructs a two-way fixed effect model to examine the impact of digital finance on corporate financialization and its mechanism. The results show that digital finance enhances profit seeking and preventive motivation, reduces period costs and financing constraints, and overall promotes corporate financialization, especially for non-state-owned enterprises, non manufacturing industries, eastern region and central region, and enterprises before financial regulation. This promotion effect is more prominent. Further analysis shows that digital finance has improved the innovation level and operational risk of enterprises through enterprise financialization. Therefore, enterprises under the influence of digital finance have not “shifted from reality to virtuality” or “shifted from virtuality to reality”, but are in the stage of “virtual real complementarity”. In view of this, the government should accelerate the improvement of the digital finance ecosystem, guide enterprises to use digital finance to reasonably allocate financial assets to support the development of their main business, and pay attention to preventing financial risks. |
| keywords:digital finance enterprise financialization preventive motivation profit-seeking motivation operational risk |
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