A Study on the Impact of Bank Fintech on Corporate Leverage Manipulation
Leverage manipulation will exacerbate corporate financial risk,reduce the efficiency of credit resource allocation and thus affect the high-quality development of the economy,while FinTech can identify and restrain corporate leverage manipulation with its advanced technology to change the business model and credit decision-making of commercial banks.In view of this,this paper takes commercial banks and A-share listed companies in Shanghai and Shenzhen as research samples from 2010 to 2022,and takes the enterprise loan-by-loan as the information link between the bank and the enterprise,and researches the impact and mechanism of bank fintech on the leverage manipulation of enterprises.The empirical results show that bank fintech development can inhibit corporate leverage manipulation,and this result remains robust after a series of endogeneity and robustness tests.The mechanism test shows that FinTech can give full play to the bank credit resource effect and supervision effect,and inhibit corporate leverage manipulation from both alleviating corporate financing constraints and enhancing supervision of corporations.Heterogeneity analysis shows that the inhibitory effect of bank fintech is more significant in samples of firms with larger asset sizes,non-manufacturing industries and higher degree of deleveraging.The marginal contribution of this paper is mainly reflected in the following:first,it provides a new empirical basis for promoting the high-quality development of the real economy under the background of China's prosperous development of the digital economy,and this paper,with the information link of the enterprise loan-by-loan,is able to better explore the path of the financial service of the real economy,and to assess the real economy effect played by the bank's fintech;second,it starts with identifying the motivation of the enterprise's shadow banking And based on the shadow banking business of different chains,the mechanism of suppressing shadow banking of non-financial enterprises is examined through the resource effect and supervision effect of bank credit played by fintech,which deepens the understanding of structural deleveraging,and can provide useful references for the government to promote the implementation of economic deleveraging policies;third,the bank fintech index constructed independently by text mining method in this paper,which subdivided the fintech into different application scenarios,explored the role of fintech on corporate leverage manipulation under different application scenarios,and pointed out the key off direction for the development of digital transformation of commercial banks.In view of this,this paper suggests that regulators should further strengthen the supervision and assessment of the implementation effect of supply-side reform policies,strengthen the identification of corporate leverage manipulation,improve relevant accounting standards,and establish a more rigorous and transparent accounting information disclosure system.Banking industry should actively increase the capital investment in science and technology innovation,and practice the goal of digital strategic transformation to enhance the efficiency of serving the real economy.For listed companies,the management should avoid short-sightedness,fully recognize the long-term negative impacts and hidden risks brought by leverage manipulation,and reasonably design the liability structure of enterprises to avoid over-indebtedness and ensure the long-term sustainable development of enterprises.
bank fintechleverage manipulationresource effectsoversight effects
万方数据
维普
