数字金融何以降低企业债务融资成本?

doi:10.3969/j.issn.1004-342X.2024.06.004

	数字金融何以降低企业债务融资成本?
其他题名	How can Digital Finance Reduce the Cost of Corporate Debt Financing
	司颖华; 张舒涵
	2024-12-28
发表期刊	成都大学学报（社会科学版）
期号	6 页码:31-49
摘要	2023年中央金融工作会议指出金融要更高质量地服务实体经济的发展,债务融资成本是实体经济的重要组成,探究数字金融如何降低债务融资成本是促进我国经济高质量发展的关键基石和优化金融资源配置的重要手段.本文基于A股上市企业的面板数据和省级层面的数字普惠金融指数,剖析了数字金融的发展对企业债务融资成本的影响.研究发现:第一,数字金融能显著地降低企业债务融资成本.第二,在不同的债务融资成本水平上,随着债务融资成本的增加,数字金融的负效应逐渐增大.此结论在控制内生性问题,以及稳健性检验后仍然成立.最后,进一步分析发现,数字金融通过增加银行多样性和促进企业技术创新等机制降低债务融资成本.另外,对于非国企、低成长性公司和中西部地区的公司来说,数字金融能显著降低企业债务融资成本.研究结论有助于丰富企业债务融资成本的分析框架,还具有较为重要的政策意义.
其他摘要	The 2023 Central Financial Work Conference pointed out that finance should serve the development of the real economy with higher quality,and debt financing costs are an important component of the real economy,and exploring how digital finance can reduce debt financing costs is the key cornerstone to promote the high-quality development of China's economy and an important means to optimize the allocation of financial resources.Based on the panel data of A-share listed companies and the provincial-level digital inclusive finance index,this paper analyzes the impact of the development of digital finance on the debt financing cost of enterprises.The results show that:Firstly,digital finance can significantly reduce the cost of corporate debt financing.Secondly,the negative effects of digital finance gradually increase as debt financing costs increase in different levels of debt financing costs,and this conclusion is still valid after controlling for endogeneity problems and conducting robustness tests.Finally,further analysis finds that digital finance reduces the cost of debt financing by increasing bank diversity and promoting enterprise technological innovation.In addition,for non-state-owned enterprises,low-growth companies and companies in the central and western regions,digital finance can significantly reduce the cost of corporate debt financing.The conclusions of this study are helpful to enrich the analytical framework of corporate debt financing costs,and also have important policy significance.
关键词	数字金融企业债务融资成本分位数回归金融多样性技术创新
DOI	10.3969/j.issn.1004-342X.2024.06.004
URL	查看原文
收录类别	AMI
ISSN	1004-342X
语种	中文
原始文献类型	Periodical
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/38476
专题	统计与数据科学学院
作者单位	兰州财经大学统计与数据科学学院,甘肃兰州 730020
第一作者单位	统计与数据科学学院
推荐引用方式 GB/T 7714	司颖华,张舒涵. 数字金融何以降低企业债务融资成本?[J]. 成都大学学报（社会科学版）,2024(6):31-49.
APA	司颖华,&张舒涵.(2024).数字金融何以降低企业债务融资成本?.成都大学学报（社会科学版）(6),31-49.
MLA	司颖华,et al."数字金融何以降低企业债务融资成本?".成都大学学报（社会科学版） .6(2024):31-49.