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论文编号：	13115
作者编号：	2120202853
上传时间：	2022/6/6 19:06:01
中文题目：	数字金融对企业价值的影响及其传导机制研究
英文题目：	The Influence of Digital Finance on Enterprise Value and Its Transmission Mechanism
指导老师：	张晓农
中文关键字：	数字金融；企业价值；融资约束；投资水平
英文关键字：	Digital Finance; Enterprise Value; Financing Constraints; Investment Level
中文摘要：	金融发展的本质是为了服务实体经济，而在传统金融服务中尚有较多用户触达、服务效率低下等方面的问题，致使银行等金融机构在服务实体经济时存在着较多的不足，企业普遍面临着融资约束、信息不对称等问题，进而影响企业的经营效率，对企业价值增值起到制约作用。目前，中国正在经历百年未有之大变局，与美国之间的贸易摩擦愈演愈烈,地缘政治也十分复杂，发挥国内国外双循环，实现经济发展转型，就更迫切地需要金融业务与金融服务的创新发展。近几年，数字金融的发展结合了传统金融与数字化技术的双重特点，在优化金融服务、完善金融市场结构等方面起到了非常大的作用。因此，本文探 究数字金融发展与企业价值之间的关系，以及二者之间的传导机制，具有较强的理论意义与实践意义。 本文梳理了近些年国内外关于数字金融和企业价值相关的研究，并对数字金融与企业价值之间的联系进行分析，从理论层面归纳出本文的几点假设，进而通过沪深两市 A 股上市公司的有关数据，匹配数字金融指数，样本期设置为2014年到 2020年，利用固定效应模型、中介效应检验模型等进行实证检验，研究发现：（1）数字金融的发展可以促进企业价值增加，且数字金融的积极意义具有一定的持续性；（2）数字金融的发展可以通过缓解企业融资约束进而促进企业价值增加；（3）在投资不足的企业中，数字金融的发展可以通过提高企业投资水平进而促进企业价值增加。在投资过度企业中，数字金融的发展和企业投资水平提高都可以促进企业价值增加，但数字金融与企业投资水平间关系并 不显著；（4）数字金融的发展对企业价值的促进作用具有一定的异质性，在非国有企业和中小企业中通常会表现地更为明显. 据此，本文认为：（1）银行等金融机构应该积极引入数字化技术，创新金融业务、优化金融服务；（2）应该大力拓展数字金融的应用范围与应用场景，致力于为企业提供更高效普惠的金融服务；（3）伴随数字金融的发展，企业也应该调整战略决策，适应新时代的机遇与挑战，提高管理效率。
英文摘要：	The essence of financial development is to serve the real economy. However, in traditional financial services, there are still many problems such as user reach and low service efficiency, resulting in many deficiencies in serving the real economy. Enterprises generally face problems such as financing constraints and information asymmetry, which in turn affect the operating efficiency of the enterprise and restrict the value added of the enterprise. In recent years, China is going through major changes unseen in a century. It is urgent to take advantage of the dual cycle of domestic and foreign countries to achieve economic development and transformation. Innovative development of financial business and services is needed. At present, the development of digital finance has combined traditional finance and digital technology, and has played a very important role in optimizing financial services and improving the structure of the financial market. Therefore, this article explores the relationship between the development of digital finance and corporate value, as well as the transmission mechanism between the two, which has strong theoretical and practical significance. This article combs the research on digital finance and corporate value at home and abroad recently, and conducts an in depth analysis of the relationship between digital finance and corporate value, and summarizes several hypotheses of this article from a theoretical level. Based on the relevant data of A-share listed companies, matching the digital financial index, using the fixed effect model and the intermediary effect test model to conduct empirical tests, research in this paper found that: (1) The development of digital finance can promote the increase of enterprise value, and this promotion has a certain degree of sustainability; (2) The development of digital finance can promote the increase of enterprise value by alleviating enterprise financing constraints; (3) In enterprises with insufficient investment, the development of digital finance can promote the increase of enterprise value by improving the level of enterprise investment. In over invested enterprises, the development of digital finance and the improvement of enterprise investment level can promote the increase of enterprise value, but the relationship between digital finance and enterprise investment level is not significant; (4) There is a certain degree of heterogeneity in the impact of the development of digital finance on enterprise value, which is more obvious in private enterprises and small and medium-sized enterprises. Accordingly, this article believes that:(1) Traditional banks and other financial institutions should actively introduce digital technology, innovate financial services, and optimize financial services;(2) We should vigorously expand the application scope and application scenarios of digital finance, and strive to provide enterprises with more efficient and inclusive financial services;(3) With the development of digital finance, enterprises should also adjust their strategic decisions to adapt to the current situation and improve business efficiency.
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