数字金融如何赋能企业数字化转型——基于融资约束机制与地区差异的证据
How Does Digital Finance Empower the Digital Transformation of Enterprises—Evidence Based on Financing Constraint Mechanisms and Regional Differences
摘要: 数字金融的发展对企业数字化转型带来了新的机遇与挑战。然而，数字金融能否促进企业数字化转型仍需要进一步的检验。本文以2011~2021年沪深A股非金融类上市公司为样本，在定量测度企业数字化转型的基础上，构建实证模型，分析数字金融对企业数字化转型的影响，并通过异质性分析与建立中介效应模型，进一步探究两者之间的关系。研究表明：数字金融发展能够促进企业数字化转型；数字金融对西部地区企业数字化转型的作用略微大于中东部地区，企业可以通过缓解融资约束促进企业数字化转型。在此基础上提出企业应该积极适应数字化发展趋势，重视数字技术的发展，推动硬件设备与软件服务统一实施，加速企业数字化转型；在防范系统性金融风险的前提下，需要更多对数字金融政策支持，健全数字金融征信体系。
Abstract: The development of digital finance has brought new opportunities and challenges to the digital transformation of enterprises. However, whether digital finance can promote the digital transformation of enterprises still needs further verification. This paper takes non-financial listed companies on the Shanghai and Shenzhen A-share markets from 2011 to 2021 as samples. Based on the quantitative measurement of enterprise digital transformation, an empirical model is constructed to analyze the impact of digital finance on enterprise digital transformation. Through heterogeneity analysis and the establishment of a mediating effect model, the relationship between the two is further explored. Research shows that the development of digital finance can promote the digital transformation of enterprises. The role of digital finance in the digital transformation of enterprises in the western region is slightly greater than that in the central and eastern regions. Enterprises can promote their digital transformation by alleviating financing constraints. On this basis, it is proposed that enterprises should actively adapt to the trend of digital development, attach importance to the development of digital technology, promote the unified implementation of hardware equipment and software services, and accelerate the digital transformation of enterprises. Under the premise of preventing systemic financial risks, more policy support for digital finance is needed and a sound credit reporting system for digital finance should be improved.
文章引用：赵雨航, 周冰璇. 数字金融如何赋能企业数字化转型——基于融资约束机制与地区差异的证据[J]. 电子商务评论, 2025, 14(11): 1420-1429. https://doi.org/10.12677/ecl.2025.14113579

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