摘要
本文以2011~2018年沪深A股实体企业为样本,实证检验了数字金融与实体企业金融化的关系。研究发现,数字金融的发展能够显著抑制实体企业金融化,经过一系列稳健性检验后,结论依然成立。机制检验的结果发现,数字金融的发展降低了债务成本对实体企业利润的侵蚀程度,提高了实体企业的营业毛利率,缩小了实体企业与金融行业的利润差距。异质性分析表明,数字金融对实体企业金融化的抑制作用在民营企业和规模相对较小的企业中更加显著。
This article selects Shanghai and Shenzhen A-share entity companies from 2011 to 2018 as samples,and empirically tests the relationship between digital finance and the financialization of entity enterprises.The study found that the development of digital finance can significantly inhibit the financialization of entity enterprises.After a series of robustness tests,the conclusion is still valid.The results of the mechanism test found that the development of digital finance has reduced the degree of erosion of debt costs on the profits of entity enterprises,significantly improved the operating gross profit margin of entity enterprises,and reduced the profit gap between entity enterprises and the financial industry.The results of heterogeneity analysis show that the inhibitory effect of digital finance on the financialization of entity enterprises is more significant in private enterprises and relatively small-scale enterprises.
出处
《浙江金融》
2021年第1期56-66,共11页
Zhejiang Finance
关键词
数字金融
实体企业金融化
债务成本
利润均等化
Digital Finance
Financialization of Entity Enterprises
Debt Costs
Equalization of Profits
