數字金融與企業資本結構動態調整

[摘 要：數字金融發展優化了社會信貸資源配置，這對踐行黨的二十大報告提出“堅持把發展經濟的著力點放在實體經濟上”的要求具有重大意義。文章以2011—2020年中國非金融類上市企業為樣本，探討數字金融發展水平對企業資本結構動態調整的影響。實證結果顯示：數字金融發展水平與企業資本結構動態調整速度顯著正相關，此關系在民營企業、中小企業、中部地區企業和高負債率企業中更加突出；機制分析結果表明，緩解企業融資約束是數字金融驅動企業本結構調整的重要路徑。為此，政府應正確引導數字金融業發展壯大，從“量”和“質”兩個方面賦能經濟增長；企業應緊緊抓住數字金融業蓬勃發展的機遇，進一步提升資本結構動態調整效率和經營管理質量。

關鍵詞：數字金融；資本結構；動態調整；融資約束

中圖分類號：F832.4；F832.5；F275" " " 文獻標識碼：A " " 文章編號：1007-5097（2023）05-0009-09 ]

Abstract：The development of digital finance has optimized the allocation of social credit resources，which is of great significance for fulfilling the requirement of “putting the focus of economic development on the real economy” proposed in the report of the 20th National Congress of the Communist Party of China. This paper takes non-financial listed companies in China from 2011 to 2020 as a sample to explore the impact of digital finance development level on the dynamic adjustment of corporate capital structure. The empirical results show that the development level of digital finance is significantly positively correlated with the dynamic adjustment speed of corporate capital structure，which is more prominent in private enterprises，small and medium-sized enterprises，enterprises in central regions，and high debt ratio enterprises；mechanism analysis results indicate that alleviating corporate financing constraints is an important path for digital finance to drive the restructuring of enterprises. Therefore，the government should correctly guide the development and growth of the digital finance industry，empowering economic growth from both the “quantity” and “quality” aspects；enterprises should seize the opportunity of the flourishing development of the digital finance industry and further improve the efficiency of dynamic capital structure adjustment and the quality of business management.

Key words：digital finance；capital structure；dynamic adjustment；financing constraints

一、引 言

黨的二十大報告提出，要加快發展數字經濟，促進數字經濟和實體經濟深度融合，同時要堅持把發展經濟的著力點放在實體經濟上。近年來，數字技術和數字經濟快速發展極大地推動數字金融應用，數字金融作為金融業改革重要成果，已經成為國民經濟發展的重要增長點。數字金融打破傳統金融的“二八定律”，從而縮小城鄉差距、促進消費［1］和助力脫貧攻堅、減少貧困［2］，其重要性已成為政府和學者共同關注的話題。本質上，數字金融指傳統金融機構、互聯網企業與區塊鏈、大數據等技術有機結合，采用新業務模式進行融資、投資和支付等［3］?！?br>