数字金融、数字化转型与企业融资约束

Digital Finance, Digital Transformation and Corporate Financing Constraints

摘要: 文章基于2011~2022年我国A股上市企业的非平衡面板数据，实证分析了数字金融对我国企业融资约束的影响效应及机制。结果表明，数字金融发展可以有效缓解我国企业所面临的融资约束问题，在控制时间和行业固定效应以及一系列稳健性检验后结果依然成立。在影响机制方面，数字金融发展可以推进企业数字化转型进而缓解企业面临的融资约束。进一步的异质性分析表明，数字金融对不同类型企业的融资约束缓解作用存在明显异质性影响，具体表现为对非国有企业和东部发达地区的企业影响效果更强。

Abstract: The article is based on unbalanced panel data of A-share listed companies in China from 2011 to 2022, and empirically analyzes the impact and mechanism of digital finance on financing constraints of Chinese enterprises. The results indicate that the development of digital finance can effectively alleviate the financing constraints faced by Chinese enterprises, and the results are still valid after controlling for time and industry fixed effects, as well as a series of robustness tests. In terms of impact mechanisms, the development of digital finance can promote the digital transformation of enterprises and alleviate the financing constraints they face. Further heterogeneity analysis indicates that digital finance has a significant heterogeneous impact on alleviating financing constraints for different types of enterprises, specifically manifested as having a stronger impact on non-state-owned enterprises and enterprises in developed eastern regions.