| 摘要: |
| 数字金融是在传统金融的基础上，利用数字技术重塑的新兴金融业态，对于支持实体企业的经营发展具有重要意义。本文在分析数字金融与企业价值关系的理论基础上，选取2011－2018年中国沪深A股上市公司的数据，实证检验数字金融发展对企业价值的影响及其作用机制。研究发现：数字金融发展有助于提升企业价值；数字金融发展能有效缓解企业的融资约束，促进企业价值增加。因此，在数字化时代下，应积极推动数字金融高质量发展，缓解企业融资约束，实现企业价值增值。 |
| 关键词: 数字金融；融资约束；企业价值 |
| DOI： |
| 分类号:F832 |
| 基金项目:西南大学智能金融与数字经济研究院一般项目“数字经济促进经济高质量发展的路径研究”（20YJ0102）。 |
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| Digital Finance,Financing Constraints and Corporate Value |
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LI Qin-yang1，2，ZHI Jia2，DANG Yu-hui31,2,3
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1.Institute of Intelligent Finance and Digital Economy，Southwest University;2.School of Economics and Management，Southwest University;3.Beijing Research Institute of Mechanical & Electrical Technology
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| Abstract: |
| Digital finance is an emerging financial form remoulded by digital technology on the basis of traditional finance，which is of great significance for supporting the operation and development of entity enterprises.Based on the theoretical analysis of the relationship between digital finance and corporate value，this paper empirically tests the impact of digital finance development on corporate value and its mechanism using the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2018.The research reveals that the development of digital finance promotes the increase of corporate value.The mechanism analysis shows that the development of digital finance can effectively alleviate the financing constraints of enterprises，thus helping to maximize the value of corporate.Therefore，in the digital era，we should actively promote the high-quality development of digital finance，ease the financing constraints of enterprises，and realize the increase of corporate value. |
| Key words: Digital Finance;Financing Constraints;Corporate Value |
