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论文编号：	14678
作者编号：	2120223695
上传时间：	2024/6/5 22:40:24
中文题目：	数字金融、企业风险承担与企业价值
英文题目：	Digital Finance, Corporate Risk-Taking and Enterprise Value
指导老师：	张晓农
中文关键字：	数字金融；企业风险承担；企业价值；金融监管
英文关键字：	Digital Finance；Corporate Risk-Taking；Enterprise Value；Financial Supervision
中文摘要：	数字经济时代，依托区块链、大模型等先进技术而生的创新概念和新兴业态不断涌现，在需求拉动、政府引导和技术创新作用下，新兴技术赋能金融创新产生了数字金融这一新型金融服务模式。数字金融一方面可以充分发挥技术优势，整合“小、散、多”的资源，丰富金融供给，发挥资源优势；另一方面其基于互联网、大数据等先进技术亦可对海量非结构化信息进行处理，减少对于信息的浪费，充分发挥信息效应。数字金融与传统金融在竞争和合作中共同发展，对微观企业经济活动乃至宏观经济稳定发展均具有深远影响。 本文以2011—2022年沪深A股上市公司为研究对象，基于资源依赖理论、融资约束理论和信息不对称理论等探究数字金融与企业价值两者理论机制，进一步利用实证工具检验数字金融与企业价值两者间的关系。研究发现，数字金融可以显著促进企业价值提升，动态效应检验发现该提升作用具有持续性，并通过稳健性检验和内生性处理提高研究结论可信度。在异质性检验部分，研究发现数字金融对企业价值提升效果会因企业资本密集度、产权、区域和企业规模不同而出现显著差异，在资本密集型企业、非国有企业、东部地区和较小规模企业中数字金融对企业价值的促进作用会更显著。机制路径分析表明，企业风险承担是数字金融促进企业价值提升的中介因子。此外，数字金融作为新兴金融服务模式，金融监管对规范数字金融发展有重要意义，在当下的监管体系中，实证检验发现较为宽松的监管力度下数字金融对企业价值的促进作用更显著，这提示政府要主动变革，构建更加符合金融发展趋势的监管框架，保持金融创新活力。 本文丰富了数字金融对微观企业经济后果的研究，拓展了企业价值影响因素研究范围，为企业利用数字金融提升企业价值提供了经验证据和管理启示。
英文摘要：	In the era of digital economy, innovative concepts and new business forms relying on advanced technologies such as blockchain and big models are constantly emerging. Under the role of demand-driven, government-guided and technological innovation, digital finance, a new type of financial service model, has emerged from the financial innovation empowered by emerging technologies. On the one hand, digital finance can give full play to its technological advantages, integrate "small, scattered and multiple" resources, enrich the financial supply, and give full play to its resource advantages; on the other hand, it is based on the Internet, big data and other advanced technologies that can also process massive unstructured information, reduce the waste of information, and give full play to the information effect. Digital finance and traditional finance are developing together in competition and co-operation, which has a far-reaching impact on the economic activities of micro enterprises and even the stable development of macro economy. This thesis takes A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as the research object, based on resource dependence theory, financing constraint theory and information asymmetry theory, etc. On the basis of clarifying the theoretical mechanism of digital finance and enterprise value, we further use empirical tools to test the relationship between digital finance and enterprise value. The study finds that digital finance can significantly promote enterprise value enhancement, and the dynamic effect test finds that the enhancement is persistent, and the credibility of the findings is improved by robustness test and endogeneity treatment. In the heterogeneity test section, the study finds that the effect of digital finance on enterprise value enhancement varies significantly according to enterprise capital intensity, property rights, region and enterprise size, and the promotion effect of digital finance on enterprise value is more significant in capital-intensive enterprises, non-state-owned enterprises, eastern regions and smaller enterprises. Mechanism path analyses show that enterprise risk-taking is a mediating factor in the promotion of enterprise value by digital finance. In addition, digital finance as an emerging financial service model, financial regulation is important to regulate the development of digital finance, in the current regulatory system, the empirical test found that the promotion of digital finance on enterprise value is more significant under the more lenient regulation, which suggests that the government should take the initiative to change, build a regulatory framework more in line with the development trend of the financial sector, and maintain the vitality of financial innovation. This thesis enriches the research on the economic consequences of digital finance on micro enterprises, expands the scope of research on the factors affecting enterprise value, and provides empirical evidence and management insights for enterprises to use digital finance to enhance enterprise value.
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