摘要
金融科技的广泛运用会对企业的战略决策产生深刻影响。本文基于2012-2021年中国沪深A股上市公司的16362个观测数据,运用Python文本挖掘法对金融科技与企业风险承担之间的潜在关系和路径机制进行深入研究。得出的结论有:金融科技对企业风险承担起促进作用。与国有企业相比,民营企业发展金融科技更能推动其风险承担水平提升;金融科技能够通过两种机制来影响企业风险承担:缓解融资约束和提高信息透明度;在经济政策不确定性上升的情况下,企业出于机遇选择会倾向于采取金融科技手段来把握投资机会,从而提升其风险承担水平;通过门槛回归模型检验,随着企业规模的上升,金融科技对企业风险承担的促进效应会随之减弱。
The widespread use of fintech will have a profound impact on enterprises’strategic decisions.Based on 16,362 observation data of China’s Shanghai and Shenzhen A-share listed companies from 2012 to 2021,this paper uses Python text mining method to conduct in-depth research on the potential relationship and path mechanism between fintech and corporate risk taking.The conclusion is that fintech promotes enterprise risk taking.Compared with state-owned enterprises,the development of fintech in private enterprises can better promote their level of risk taking.Fintech can influence corporate risk-taking through two mechanisms:easing financing constraints and improving information transparency;In the case of increasing uncertainty of economic policy,enterprises tend to take fintech means to grasp investment opportunities for opportunity selection,so as to improve their level of risk taking.According to the threshold regression model test,with the increase of enterprise scale,the promoting effect of fintech on enterprise risk taking will be weakened.
作者
李勇
樊莹
LI Yong;FAN Ying
出处
《金融发展》
2023年第1期51-68,共18页
Financial Development
关键词
金融科技
企业风险承担
经济政策不确定性
融资约束
信息透明度
Financial Technology
Corporate Risk-Taking
Economic Policy Uncertainty
Financing Constraints
Information Transparency
