数字普惠金融发展对企业绩效的影响机制研究

Research on the Impact Mechanism of Digital Inclusive Finance Development on Corporate Performance

摘要: 数字普惠金融已构成数字经济体系中关键要素之一。为深入研究数字普惠金融发展对企业财务绩效的影响程度以及作用机理，本研究聚焦于2011至2021年间我国沪深A股上市企业的财务绩效分析，一共选取32,395个样本数据作为研究基础。通过构建模型实证分析，并从企业所有权结构及产业两大维度出发，深入探讨数字普惠金融发展对财务绩效影响的异质性特征。研究结论如下：第一，数字普惠金融深化发展显著增强企业盈利能力，具体表现在服务范围拓展与功能深化两方面。第二，融资约束在两者中起中介作用，表明优化企业融资环境，对提升特定行业经济效益具有显著效果。第三，从企业所有制来看，数字普惠金融对国有企业财务绩效提升水平更显著；而从行业视角观察，数字普惠金融对非高科技企业的财务绩效促进作用更为突出。为此提出政府应推行扶持政策、金融机构推行更多金融产品，企业应加速数字化转型等相关建议。

Abstract: Digital inclusive finance has become one of the key elements in the digital economy system. To further investigate the impact and mechanism of the development of digital inclusive finance on corporate financial performance, this study focuses on the financial performance analysis of Chinese A-share listed companies in Shanghai and Shenzhen from 2011 to 2021, with a total of 32,395 sample data selected as the research basis. By constructing a model for empirical analysis and starting from the two dimensions of enterprise ownership structure and industry, this paper explores in depth the heterogeneous characteristics of the impact of digital inclusive finance development on financial performance. The research conclusion is as follows: Firstly, the deepening development of digital inclusive finance significantly enhances the profitability of enterprises, manifested in the expansion of service scope and deepening of functions. Secondly, financing constraints act as an intermediary between the two, indicating that optimizing the financing environment for enterprises has a significant effect on improving the economic benefits of specific industries. Thirdly, from the perspective of enterprise ownership, digital inclusive finance has a more significant impact on improving the financial performance of state-owned enterprises; from an industry perspective, digital inclusive finance plays a more prominent role in promoting the financial performance of non high-tech enterprises. Therefore, it is suggested that the government should implement supportive policies, financial institutions should promote more financial products, and enterprises should accelerate digital transformation.