摘要
文章以2011-2020年沪深A股上市公司为样本,探讨了数字金融对企业债务违约风险的影响。研究发现,数字金融可以有效降低企业债务违约风险;影响路径的研究表明,数字金融可以发挥资源支持、风险控制和治理效应,通过缓解企业融资约束、降低企业经营风险与代理成本进而降低企业债务违约风险。进一步地,数字金融覆盖广度和使用深度均能显著降低企业债务违约风险,而数字化程度对企业债务违约风险的影响不显著。另外,从企业内外部治理和经济环境因素探究数字金融对企业债务违约风险影响的异质性,结果显示当管理层持股较少、分析师关注较少和企业处于经济收缩期时,数字金融更能显著降低企业债务违约风险。文章从数字金融的新视角探究了企业债务违约风险的影响因素,也丰富了数字金融微观经济后果的研究,同时为中国发展数字金融,切实防范金融风险提供了经验证据。
Based on the samples of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020,this paper discusses the impact of digital Finance on corporate debt default risk.It is found that digital finance can effectively reduce the default risk of enterprises;The research of influence path shows that digital finance can exert resource support,risk control and governance effects,and reduce corporate debt default by alleviating corporate financing constraints,reducing corporate operating risks and agency costs risk..Furthermore,the coverage and use depth of digital finance can significantly reduce the default risk,while the impact of digital degree on the default risk is not significant.In addition,the paper also finds that digital finance can significantly reduce the default risk when the management holds less shares,analysts pay less attention and the enterprise is in the economic contraction.This paper provides empirical evidence for China’s development of digital finance and effective prevention of financial risks.
出处
《会计研究》
CSSCI
北大核心
2022年第2期117-131,共15页
Accounting Research
基金
国家自然科学基金面上项目(71972140)
天津市会计学会2021-2022年度重点会计科研项目(Y210606)
中国科协战略发展部支持项目(2021ZZZLFZB1207034)资助
关键词
数字金融
债务违约风险
融资约束
经营风险
代理成本
Digital Finance
Debt Default Risk
Financing Constraints
Business Risk
Agency Cost
