数字化转型是否会加剧企业金融化?——兼论企业融资约束和经营风险的中介效应
Does Digital Transformation Exacerbate Corporate Financialization?:A Study on the Intermediary Effects of Corporate Financing Constraints and Operational Risks
郭德兵1
作者信息
摘要
数字化转型作为新一代产业革命的代表,是企业实现高质量发展的关键动力.过度金融化会对企业主业产生挤出效应,导致其发展持续性不足.本文以 2007-2020 年沪深A股上市公司为样本,构建OLS模型,研究数字化转型对企业金融化的影响,并从融资约束和经营风险两个方面入手,分析其中的作用机制.研究发现,数字化转型会显著加剧企业金融化.机制分析发现,数字化转型能够通过缓解企业融资约束和降低经营风险两条渠道,提高企业金融化水平.异质性分析发现,数字化转型加剧企业金融化的效应在国有企业、非制造业企业和中西部地区更为明显.基于此,本文认为应加强对金融投资的审批、评估和监管,建立健全投融资激励约束机制,协调推进各地区、各行业数字化转型.
Abstract
Digital transformation,as a representative of the new generation of industrial revolution,is a key driving force for enterprises to achieve high-quality development.However,excessive financialization can also lead to crowding-out effects on the core business of enterprises,resulting in insufficient sustainability of their development.This paper takes the listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2020 as samples,constructs an OLS model,and studies the impact of digital transformation on corporate fi-nancialization.Furthermore,starting from the aspects of financing constraints and operational risks,the paper analyzes the operating mechanisms.The research finds that digital transformation significantly exacerbates cor-porate financialization.Mechanism analysis reveals that digital transformation can increase the level of corporate financialization through two channels:Alleviating corporate financing constraints and reducing operational risks.Heterogeneity analysis suggests that the effect of digital transformation on exacerbating corporate financializa-tion is more pronounced in state-owned enterprises,non-manufacturing enterprises,and in the central and west-ern regions of China.Based on this,the paper suggests strengthening the approval,evaluation,and supervision of financial investment;establishing sound incentive and constraint mechanisms for investment and financing;and coordinating the promotion of digital transformation in various regions and industries.
关键词
数字化转型/企业金融化/融资约束/经营风险/脱实向虚Key words
Digital transformation/Corporate financialization/Financing constraints/Operational risks/Shift from real to virtual引用本文复制引用
基金项目
国家社会科学基金(23XMZ023)
广西壮族自治区社会科学基金(23FYJ048)
广西壮族自治区高等学校中青年教师项目(2024KY1752)
出版年
2024
NETL
NSTL
万方数据