数字金融发展对企业"脱实向虚"的影响研究

在数字经济时代,数字金融对传统金融格局带来了新的冲击,其究竟是加剧还是抑制实体企业“脱实向虚”成为重要议题。本文借助北京大学数字普惠金融指数及A股上市公司的面板数据,考察数字金融发展对企业“脱实向虚”的影响。研究结果表明,数字金融显著促进了企业实业投资,同时抑制其金融资产配置倾向。进一步研究发现,相对于长期金融资产,数字金融对企业短期金融资产投资的抑制作用更显著。本文研究表明,数字金融能有效抑制实体企业“脱实向虚”,应在合理的金融监管约束下,支持并推动数字金融发展。

Research on the Impact of Digital Finance Development on the Enterprises' Virtualization

With the rapid development of digital economy,digital finance brings new impacts on the traditional finance.It is worth discussing whether it will aggravate or restrain tendency of the“economy from substantial to fictitious”of entity enterprises.Based on the digital finance index and panel data of A-share listed companies,the paper investigates the impact of regional digital finance development on corporate asset allocation.The results show that digital finance significantly promotes enterprises'industrial investment,while restraining their financial asset allocation tendency.Further research shows that compared with long-term financial funds,digital finance has a more significant inhibiting effect on holding short-term financial assets.The research of this paper has a certain reference value for the development of digital finance and preventing the“economy from substantial to fictitious”.