摘要
数字金融凭借技术赋能,打破金融服务的时空壁垒,不仅能革新交易模式,提升服务效率,更成为经济增长的新引擎,是当下经济高质量发展的助推器。本文从企业运营韧性视角出发,以2011—2023年沪深A股上市公司为样本,实证检验了数字金融对企业运营韧性的影响及其内在机制。研究表明:数字金融是促进企业运营韧性提升的有效途径,这一作用有赖于融资约束缓解、风险管理赋能和信息透明度提升这三条机制。异质性分析发现,数字金融对企业运营韧性的提升效应在数字化水平较高、行业竞争程度较强以及处于东部地区的样本中更为显著。本研究有助于揭示数字经济时代企业增强抗风险能力、实现可持续发展的关键路径,为经济高质量发展提供有力支撑。
Digital finance,empowered by technology,breaks down the spatial and temporal barriers of financial services.It not only revolutionizes transaction models and enhances service efficiency but also serves as a new engine for economic growth,acting as a catalyst for high-quality economic development today.This study examines the im-pact of digital finance on corporate operational resilience and its underlying mechanisms from the perspective of busi-ness resilience,using Shanghai and Shenzhen A-share listed companies from 2011 to 2023 as the sample.Research in-dicates that digital finance serves as an effective means to enhance operational resilience in enterprises,with this effect relying on three mechanisms:alleviating financing constraints,empowering risk management,and improving informa-tion transparency.Heterogeneity analysis reveals that the resilience-enhancing effects of digital finance on corporate op-erations are more pronounced among samples characterized by higher digitalization levels,intense industry competi-tion,and eastern regional locations.This research contributes to identifying key pathways for enterprises to strengthen risk resilience and achieve sustainable development in the digital economy era,thereby providing robust support for high-quality economic growth.
作者
王筱依
张彤进
Wang Xiaoyi;Zhang Tongjin(Taiyuan University,Taiyuan 030032,Shanxi,China;School of Economics,Tianjin University of Commerce,Tianjin 300000,China)
出处
《金融发展研究》
北大核心
2025年第9期32-42,共11页
Journal Of Financial Development Research
基金
国家社会科学基金项目“新发展格局下零工经济的柔性人力资源管理机制研究”(21BGL146)
山西省高等学校哲学社会科学研究项目“数字金融赋能下山西省打造对外开放新高地的机制与路径研究”(2024W189)
河北省人文社会科学类青年基金项目“高质量发展背景下融资租赁对河北省县域经济韧性的影响机制研究”(QN2025824)。
关键词
数字金融
融资约束
风险承担
信息透明度
运营韧性
digital finance
financing constraints
risk-taking
information transparency
operational resilience
