金融结构市场化是否能促进中小民营企业数字化转型——基于我国中小板上市公司数据的证据

Whether Marketization of Financial Structure Can Promote Digital Transformation of Small and Medium-Sized Private Enterprises—Evidence Based on the Data of Small and Medium-Sized Listed Companies in China

摘要: 在全球数字经济的大浪潮下，金融体系的作用愈发凸显，不同的金融结构可能会导致不同的经济后果。在此背景下，本文以我国中小民营企业为研究对象，利用社会融资结构统计数据，通过面板数据回归、工具变量法、中介效应检验、异质性检验等方法，探讨金融结构市场化对企业数字化转型的影响。研究发现：(1) 控制其他条件不变，金融结构的市场化程度与中小民营企业数字化转型水平存在显著且稳健的正向关系；(2) 提高金融结构市场化程度，会提升中小民营企业动态能力、降低融资成本，从而促进其数字化转型；(3) 当企业属于高新技术行业且所处地区银行业竞争较强时，金融结构对其数字化转型的影响更为明显。本文的研究证实了金融结构市场化对中小民营企业数字化转型的促进作用，为政府制定相关金融结构优化政策提供经验证据。

Abstract: Under the wave of global digital economy, the role of financial system is becoming more and more prominent, and different financial structures may lead to different economic consequences. In this context, this paper takes China’s small and medium-sized private enterprises as the research object, and uses the statistics of social financing structure to explore the impact of the marketization of financial structure on the digital transformation of enterprises through panel data regression, instrumental variable method, mediation effect test, heterogeneity test and other methods. It is found that (1) controlling other conditions constant, there is a significant and robust positive relationship between the degree of marketization of financial structure and the level of digital transformation of small and medium-sized private enterprises; (2) increasing the degree of marketization of financial structure will enhance the dynamic capacity and reduce the financing cost of small and medium-sized private enterprises, thus promoting their digital transformation; (3) when the enterprise belongs to a high-tech industry and is located in a region with strong competition in the banking industry, the financial structure has a more obvious impact on its digital transformation. The research in this paper confirms the role of marketization of financial structure on the digital transformation of small and medium-sized private enterprises, and provides empirical evidence for the government to formulate relevant financial structure optimization policies.