数字金融发展对企业间商业信用融资的影响研究
Research on the Impact of Digital Finance Development on Commercial Credit Financing Between Enterprises
孙燕芳 1宋畅 1王依凝2
作者信息
- 1. 中国石油大学(华东)经济管理学院,山东 青岛 266580
- 2. 中国石油海洋工程有限公司,北京 100028
- 折叠
摘要
数字金融有效破解了金融排斥困境,缓解了企业融资约束,但其对企业间商业信用融资的影响仍有待检验.以2011-2019 年中国A股非金融类上市公司为研究对象,实证检验数字金融发展对企业间商业信用融资的影响.研究结果表明:数字金融的发展抑制了企业间的商业信用融资行为.调节机制检验表明:行业竞争程度越低、供应商集中度越高、客户集中度越高,数字金融对企业间商业信用融资的抑制作用越强.进一步分析发现:基于供应链的银行信用,在数字金融发展影响企业间商业信用融资的过程中发挥了部分中介作用;数字金融技术促进了银行的供应链金融服务发展,抑制了企业间通过商业信用进行融资的需求,能够缓解企业间占款问题.今后,应发挥数字金融的优势,挖掘供应链金融的潜力,规范金融监管,引导企业合理利用各种融资方式.
Abstract
Digital finance has effectively cracked the financial exclusion dilemma and eased the financing constraints of enterprises,but its impact on inter-enterprise commercial credit financing remains to be tested.This paper takes Chinese A-share non-financial listed companies from 2011 to 2019 as the research object to empirically test the impact of the development of digital finance on inter-enter-prise commercial credit financing.The results show that the development of digital finance inhibits commercial credit financing behavior among enterprises.The regulatory mechanism test shows that the lower the degree of industry competition,the higher the degree of sup-plier concentration,and the higher the degree of customer concentration,the stronger the inhibition effect of digital finance on inter-en-terprise commercial credit financing.Further analysis shows that bank credit based on supply chain plays a part of intermediary role in the process of digital financial development's impact on inter-enterprise commercial credit financing digital financial technology promotes the development of supply chain financial services in banks.Besides,it restrains the demand for financing through commercial credit a-mong enterprises.This effect can alleviate the problem of excessive occupation of funds from other enterprises.In the future,we should give full play to the advantages of digital finance,tap the potential of supply chain finance,standardize financial regulation,and guide enterprises to make reasonable use of various financing methods.
关键词
数字金融发展/商业信用融资/供应链金融/供应商集中度/客户集中度Key words
development of digital finance/commercial credit financing/supply chain finance/concentration ratio of supplier/concen-tration ratio of customer引用本文复制引用
基金项目
山东省自然科学基金项目(ZR2021MG029)
山东省社会科学规划研究项目(23CGLJ52)
中央高校基本科研业务费专项资金资助项目(19CX05026B)
出版年
2024
国家科技期刊平台
NSTL
万方数据