金融科技与企业投资行为研究——基于融资约束的影响机制

摘要/Abstract

摘要： 数字经济背景下，金融科技产业发展对传统金融格局带来了新的冲击。本文利用2011—2018年省级与市级金融科技指数及A股上市公司的面板数据，研究了金融科技发展对企业投资规模及效率的影响。研究结果表明：（1）金融科技有助于促进企业投资规模的增加。（2）当企业面临的融资约束水平更高时，金融科技对企业投资规模的促进作用更加显著，间接验证了融资约束的影响机制。（3）金融科技增加了融资可得性并降低了融资成本，从而为金融科技通过缓解企业融资约束促进企业投资这一结论提供了补充性证据。（4）虽然金融科技缓解了企业的投资不足，但同时增加了企业的非效率投资，尤其是过度投资行为。这表明，现阶段金融科技可以有效缓解企业融资约束促进投资，但没有充分发挥信息技术加强债权人监督的功能。

关键词: 金融科技, 投资规模, 投资效率, 融资约束

Abstract: The development of fintech has a significant impact on the traditional financial structure. Based on the panel data from fintech indexes and A-share listed companies from 2011 to 2018, this paper tests impact of fintech on enterprises' investment and investment efficiency. The results show that:(1) Fintech can promote the increase of enterprise investment scale. (2) Fintech significantly promotes the investment scale in enterprises with financing constraints. Therefore, fintech promotes enterprise investment by reducing financing constraints. (3) The mechanism of fintech acting on investment is through increasing financing availability and reducing financing costs. (4) Although fintech alleviates the under-investment of enterprises, it also increases their over-investment. Fintech can effectively alleviate the financing constraints of enterprises and promote investment, and it does not contribute to the creditor's supervision.

Key words: fintech, investment size, investment efficiency, financing constraints

赵瑞瑞, 张玉明, 刘嘉惠. 金融科技与企业投资行为研究——基于融资约束的影响机制[J]. 管理评论, 2021, 33(11): 312-323.

Zhao Ruirui, Zhang Yuming, Liu Jiahui. Research of Fintech and Enterprises' Investment——Mechanism of How Financing Constraints Excert Influence[J]. Management Review, 2021, 33(11): 312-323.

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