数字金融对企业违约风险的影响

The Impact of Digital Finance on Corporate Default Risk

摘要: 把握数字金融与企业违约风险间的关系，是现阶段实现经济增长与企业高质量发展的关键一环。本文基于2017~2021年沪深A股上市公司的面板数据，构建面板回归与中介效应模型，实证检验了数字金融对企业违约风险的影响与作用机制。研究表明，数字金融显著抑制了企业违约风险，且该结论通过了一系列稳健性检验；机制分析表明，数字金融可以通过改善营商环境作用于企业违约风险；异质性分析表明，数字金融使用深度与数字化程度抑制作用更强，且对于国企有更明显的抑制作用。基于研究结论，提出了数字金融背景下，如何避免企业债务违约风险发展至金融风险的相关建议。

Abstract: Understanding the relationship between digital finance and corporate default risk is a critical factor in achieving economic growth and high-quality corporate development at this stage. Based on panel data from companies listed on the Shanghai and Shenzhen A-share markets from 2017 to 2021, this study constructs panel regression and mediation models to empirically examine the impact of digital finance on corporate default risk and its underlying mechanisms. The results indicate that digital finance significantly mitigates corporate default risk, and this conclusion has passed a series of robustness tests; Mechanism analysis indicates that digital finance mitigates corporate default risk by improving the business environment. Heterogeneity analysis reveals that the mitigating effect is stronger when the depth of digital finance adoption and the level of digitalization are higher, and this effect is more pronounced for state-owned enterprises. Based on these findings, the study offers recommendations on how to prevent corporate debt default risks from escalating into financial risks in the context of digital finance.