摘要
基于实体企业金融化研究视角,探究了数字金融推动实体企业增长的内驱机制与作用机理。采用2011—2019年A股上市公司未参股金融业的非金融企业数据,研究了数字金融对实体企业金融化和实体企业增长的影响。研究发现:对于具有较强发展实力和良好外部环境的企业,数字金融通过驱动技术创新遏制了源于"借势取利"企业的金融化趋势,并助推了企业增长;对于发展实力较弱且外部环境严苛的企业,数字金融通过驱动资本积累抑制了源于"蓄势谋远"企业的金融化倾向,并助推了企业增长。
Based on the research perspective of entity enterprise financialization, this paper explored the internal drive mechanisms and action mechanisms of digital finance promoting the growth of real enterprises. Then this paper used the data of nonfinancial enterprises of A-share listed companies which had no equity in financial industry from 2011 to 2019, and conducted a linkage research on the impact of digital finance on the financialization of real enterprises and the growth of real enterprises. It was found that, for the enterprises with stronger development strength and better external environment, digital finance could curb the financialization trend of the enterprises derived from "reaping some profit" and boost the growth of enterprises by driving technological innovation. For the enterprises with weaker development strength and harsher external environment, digital finance could restrain the financialization tendency of enterprise derived from "seeking for development" and boost enterprise growth by driving capital accumulation.
作者
徐伟呈
范爱军
XU Wei-cheng;FAN Ai-jun(School of Economics/Institute of Marine Development,Ocean University of China,Qingdao 266100;School of Economics,Shandong University,Jinan 250100,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2022年第1期28-42,共15页
Journal of Shanxi University of Finance and Economics
基金
国家社会科学基金项目(18CJY008)
山东省社会科学基金项目(17DJJJ01)
青岛市社会科学基金项目(QDSKL2101029)。
关键词
数字金融
技术创新
资本积累
实体企业金融化
实体企业增长
digital finance
technological innovation
capital accumulation
entity enterprise financialization
real enterprise growth
作者简介
徐伟呈(1984-),女,山东济南人,中国海洋大学经济学院副教授,中国海洋大学海洋发展研究院研究员,经济学博士,主要研究方向是国际金融与宏观经济;范爱军(1955-),男,山东烟台人,山东大学经济学院教授,经济学博士,主要研究方向是国际贸易与宏观经济。
