摘要
随着数字金融的蓬勃发展,能源企业在享受数字金融带来的便利时也不同程度呈现出过度金融化的现象。基于2011—2021年A股能源上市公司的数据,借助网络爬虫技术,归集相关政策文件中“数字金融”关键词,创新性地刻画出数字金融指数,并实证检验了数字金融对能源企业金融化的影响以及内在机理。研究发现,数字金融加剧了能源企业金融化。异质性检验显示,在新能源企业、非国有企业、东部地区以及具有CEO金融背景的能源企业中,数字金融对其金融化的正向影响效果更为显著。进一步研究表明,融资约束在数字金融影响能源企业金融化过程中起中介作用;企业社会责任在数字金融对能源企业金融化的影响中具有负向调节作用。为此,政府部门、银行部门和能源企业需共同努力,在享受数字金融带来的金融服务和产品的同时,防范过度金融化。
With the vigorous development of digital finance,energy enterprises also show the phenomenon of excessive financialization to varying degrees when enjoying the convenience brought by digital finance.Based on the data of A-share energy listed companies from 2011 to 2021,this paper collects the keywords of“digital finance”in the relevant policy documents with the help of web crawler technology,innovatively portrays the digital finance index,and empirically examines the impact of digital finance on the financialization of energy enterprises and the internal mechanism.The study finds that digital finance has increased the financialization of energy companies.The heterogeneity tests show that the positive effect of digital finance on their financialization is more significant in new energy firms,non-state-owned enterprises,eastern regions,and energy enterprises with CEO financial backgrounds.Further research shows that financing constraints play an intermediary role in the process of digital finance affecting the financialization of energy enterprises and corporate social responsibility plays a negative moderating role in the impact of digital finance on the financialization of energy enterprises.To this end,government departments,the banking sector,and energy companies need to work together to enjoy the financial services and products offered by digital finance while preventing excessive financialization.
作者
贾凯威
李心田
金禹同
Jia Kaiwei;Li Xintian;Jin Yutong(School of Business Administration,Huludao 125105,China;Shenyang Heping Branch ICBC,Shenyang 110000,China)
出处
《煤炭经济研究》
2024年第1期40-50,共11页
Coal Economic Research
基金
2023年度辽宁省教育厅基本科研项目(JYTZD2023080)
2023年辽宁省科学事业公益研究基金(2023JH4/10600041)
2023年度校社科揭榜挂帅(23-A017)。
关键词
数字金融
企业金融化
融资约束
企业社会责任
digital finance
financialization of enterprises
influence mechanism
corporate social responsibility
作者简介
贾凯威(1980-),男,河北定州人,经济学博士,统计学博士后,教授,博士生导师,《煤炭经济研究》编委,主要研究方向为能源金融与气候金融、金融风险管理、计量经济学模型方法与应用。E-mail:1980jkw@163.com;通讯作者:金禹同(1996-),女,辽宁沈阳人,硕士,主要研究方向为金融产业理论。E-mail:syaujin@163.com。
