| 摘要: |
| 摘要：数字金融作为信息技术与传统金融高度融合的产物，对我国经济发展产生了重大影响。基于企业金融化与实体投资双重视角，利用2012－2020年A股上市公司数据，实证检验数字金融与企业“脱实向虚”之间的关系。研究表明：数字金融促进了企业金融化，抑制企业实体投资行为，即数字金融加剧了企业“脱实向虚”趋势。企业金融化在数字金融与企业实体投资行为之间存在中介效应。异质性分析发现，数字金融对中小企业、非制造业企业“脱实向虚”的影响效应更加明显，但随着金融监管的加强，数字金融加剧企业“脱实向虚”的作用会有所减缓。因此，应深化金融供给侧结构性改革，加快数字金融基础设施建设；政府应提供政策支持，优化企业的营商环境，降低企业的经营成本，鼓励技术创新，增强企业的核心竞争力，提高企业实体投资报酬率；加强金融监管，明确金融监管的内容，消除监管盲区，提升监管科技的运用能力，实时把控金融市场动态。 |
| 关键词: 关键词：数字金融；脱实向虚；金融化；实体投资；金融监管 |
| DOI： |
| 分类号:F832.5 |
| 基金项目: |
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| Digital Finance and Enterprise “from Real to Virtual”——Based on the Dual Perspectives of Corporate Financialization and Entity Investment |
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PAN Yuan-yuan，WANG Yang
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（School of Economics and Management，Anhui Normal University）
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| Abstract: |
| Abstract：Digital finance，as the product of the high integration of information technology and traditional finance，has a great impact on China’s economic development.Based on the dual perspectives of corporate financialization and entity investment，this paper empirically tests the relationship between digital finance and enterprise “de materialization to virtual” by using the data of A-share listed companies from 2012 to 2020.The research shows that digital finance promotes enterprise financialization and inhibits enterprise entity investment behavior，that is，digital finance intensifies the trend of enterprise “from real to virtual”.In addition，corporate financialization has an intermediary effect between digital finance and enterprise entity investment behavior.Heterogeneity analysis found that digital finance has a more obvious effect on smes and non-manufacturing enterprises，but with the strengthening of financial supervision，digital finance will slow down its effect on enterprises.Therefore，digital finance should be viewed dialectically，the development of digital finance should be correctly guided，the structural reform of financial supply side should be further deepened，and the construction of digital financial infrastructure should be accelerated.The government should provide policy support，optimize the business environment of enterprises，reduce the operating costs of enterprises，encourage technological innovation，enhance the core competitiveness of enterprises，and increase the return on investment of enterprises.Further strengthen financial supervision，clarify the content of financial supervision，eliminate regulatory blind spots，improve the ability to use regulatory technology，and control the dynamics of the financial market in real time. |
| Key words: Key words：Digital Finance；Out of Real to Virtual；Financialization；Physical Investment；Financial Regulation |
