数字普惠金融对企业债务违约风险的影响研究

Research on the Impact of Digital Inclusive Finance on Corporate Debt Default Risk

摘要: 本文选择2011~2022年的沪深A股市场中上市公司为样本，本文通过构建固定效应模型，研究数字普惠金融对企业债务违约风险的影响及其作用机制。研究结果表明，数字普惠金融可以有效地降低企业的债务违约风险。在此基础上，研究数字普惠金融三个维度与企业债务违约风险之间的关系，揭示数字普惠金融覆盖广度与使用深度能够有效降低企业债务违约风险。从企业产权性质(国有企业和非国有企业)和地理区域(东部、中部和西部地区)的角度来看，数字普惠金融对于非国有企业以及位于东部和中部地区的企业，能够更显著地降低其债务违约风险。在此基础上，本项目还深入研究数字普惠金融对企业债务违约风险的作用机理。研究发现，数字普惠金融可以通过减轻企业的融资约束，改善企业的内部控制水平，从而有效地降低企业的债务违约风险。

Abstract: This paper selects the listed companies in Shanghai and Shenzhen A-share markets from 2011 to 2022 as samples. By constructing a fixed-effect model, this paper studies the impact of digital inclusive finance on corporate debt default risk and its mechanism. The results show that digital financial inclusion can effectively reduce the debt default risk of enterprises. On this basis, the paper studies the relationship between the three dimensions of digital inclusive finance and corporate debt default risk, and reveals that the coverage breadth and use depth of digital inclusive finance can effectively reduce corporate debt default risk. From the perspective of the property nature of enterprises (state-owned enterprises and non-state-owned enterprises) and geographical region (eastern, central and western regions), digital financial inclusion can significantly reduce the risk of debt default for non-state-owned enterprises and enterprises located in the eastern and central regions. On this basis, the project also in-depth studies the mechanism of digital inclusive finance on corporate debt default risk. It is found that digital financial inclusion can effectively reduce the debt default risk of enterprises by reducing the financing constraints of enterprises and improving the internal control level of enterprises.