金融科技发展与企业数字化转型——基于融资约束纾解与创新促进的中介传递

Fintech Development and Enterprise Digital Transformation

摘要:

基于文献梳理及理论演绎,提出相应假说,利用2007～2019年A股上市公司样本数据,考察金融科技发展的企业数字化转型促进效应及其传递路径。研究结果表明,金融科技发展对于企业数字化转型呈现全域促进效应,但就不同性质的企业而言,该效应差异明显,高科技企业、非国企和东部地区企业相对显著。进一步中介机制检验表明,金融科技发展可有效纾解融资约束、实现财务稳定、降低杠杆水平、提高研发投入等,进而传递驱动企业行为选择并实现数字化转型。本文研究结论蕴含了实施差异化政策以充分发挥金融科技促动企业数字化转型的政策价值。

Abstract:

Based on literature combing and theoretical deduction, the corresponding hypothesis is proposed to examine the promotion effect of fintech development on the Decision-making for corporate digital transformation and its transmission path using sample data of A-share listed companies from 2007 to 2019. It shows that fintech development presents a region-wide facilitation effect on the digital transformation of enterprises, but Heterogeneity existence as a result of property rights, technical characteristics, and regional properties of enterprises. Further, mediation analysis shows that fintech development can help easy enterprise from financing constraints and stimulate to increasing R D investment, which in turn transmits to drive the digital transformation. The policy implication of the above conclusions is that differentiated incentives should be implement to give full play to the development of the digital economy.