| 摘要: |
| 摘要：结构性去杠杆要求在精准识别企业杠杆率和经营状况的基础上分类施策，有针对性地去杠杆、稳杠杆和加杠杆，而数字金融可以缓解信息不对称，有助于政府和金融机构准确识别企业杠杆率和经营状况，为企业结构性去杠杆提供可行思路。本文根据修正MM理论和权衡理论，利用中国数字普惠金融发展指数和2011－2018年上市企业数据，研究数字金融对企业结构性去杠杆的影响。研究发现，数字金融对企业具有加杠杆效应；进一步研究表明，数字金融对优质企业具有加杠杆效应，对普通企业具有稳杠杆效应，而对劣质企业具有去杠杆作用。政府应充分利用数字金融，强化数字金融监管，稳步推动企业结构性去杠杆；企业应提高发展质量，保持合理的杠杆率水平。 |
| 关键词: 关键词：数字金融；结构性去杠杆；企业异质性 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：国家社会科学基金重点项目“以人为核心的新型城镇化下提高农业转移人口市民化质量研究”（21AZD044）；河南省社科联调研课题“减税政策对城市技能结构升级的影响研究：机理与实证”（SKL-2023-2487）。 |
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| Can Digital Finance Help Corporate Structural Deleveraging |
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HU Quan-shui
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（School of Financial Management,Henan Polytechnic）
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| Abstract: |
| Abstract：Structural deleveraging requires precise identification of corporate leverage ratios and operating conditions，deleveraging，stabilizing leverage and increasing leverage.Digital finance can alleviate information asymmetry，help improve the identification capabilities of governments and financial institutions，and provide feasible ideas for corporate structural deleveraging.Based on the revised MM theory and trade-off theory，this paper uses the “China Digital Financial Inclusion Development Index” and the data of listed companies from 2011 to 2018,study the impact of digital finance on corporate structural deleveraging.The research found that：on the whole，digital finance has a leverage effect on enterprises；further research shows that digital finance has a leverage effect on high-quality enterprises，a stable leverage effect on ordinary enterprises，and a deleveraging effect on inferior enterprises，thus helping to promote corporate structural deleveraging.The government should utilize digital finance，strengthen digital financial supervision，and promote structural deleveraging of enterprises;Enterprises should improve the quality of development and maintain a reasonable leverage ratio. |
| Key words: Key words：Digital Finance；Structural Deleveraging；Enterprise Heterogeneity |
