数字金融对上市公司融资成本的影响

The Impact of Digital Finance on the Financing Cost of Listed Companies

摘要: 本文使用2013~2019年沪深A股上市公司数据和北京大学数字普惠金融指数，基于固定效应模型检验了数字金融对上市企业融资成本的影响。研究结果显示：数字金融的发展能够显著降低企业的融资成本，通过机制性检验发现数字金融通过缓解企业的融资约束来降低企业的融资成本，并且通过内生性检验证明以上结果依然显著。进一步发现，数字金融对东中部地区企业的融资成本的降低作用比西部地区企业更显著，从企业规模来看，数字金融降低企业融资成本的作用对小型企业来说更大。

Abstract: This paper uses the data of Shanghai and Shenzhen A-share listed companies from 2013 to 2019 and the Digital Inclusive Finance Index of Peking University to test the impact of digital finance on the financing costs of listed enterprises based on the fixed effect model. The research results show that the development of digital finance can significantly reduce the financing costs of enterprises. Through the institutional test, it is found that digital finance can reduce the financing costs of en-terprises by alleviating the financing constraints of enterprises, and the endogenous test proves that the above results are still significant. It is further found that digital finance has a more significant effect on reducing the financing cost of enterprises in the eastern and central regions than that of enterprises in the western region. From the perspective of enterprise size, digital finance plays a greater role in reducing the financing costs of enterprises for small enterprises.