数字金融对企业经营绩效影响的实证研究
摘要
金融是资金供需双方依据自身需求进行资金融通的活动，在我国市场经济的发展
中发挥着不可小觑的作用，也是作为调控宏观经济和联系市场经济各方面的一个重要
中介。目前，传统金融业无法全面覆盖资金需求群体，提供的金融服务成本较高，服
务效率较低。而数字金融利用信息技术，从多个渠道获取目标群体的需求偏好与预期，
将金融服务细分化和个性化，满足不同客户的需求，为传统金融业忽略的尾部群体提
供资金，切实打破了传统金融业面临的困境。在我国逐渐转变为市场经济发挥主要作
用的过程中，企业是主要的推动者。因此，密切关注企业在市场中的经营行为具有重
要意义，这不仅仅能够及时反馈企业经营表现，也可以为推动市场经济发展寻找策略。
数字金融可以有效地促进企业的生产和运营，改善企业经营绩效表现。探寻推动经济
高质量的方式，有利于找到深化市场经济改革的方向。
本文使用沪深 A股上市公司作为研究样本，并且根据数字金融指数的年份限制，
选择 2011-2020年这一时间段作为样本区间。借鉴已有文献，采用回归模型来研究我国
数字金融发展与公司经营绩效之间的相关性。其中，以北京大学普惠金融指标的城市
级数据为代理变量；运用因子分析方法，构建企业综合财务绩效，并且使用全要素生
产率衡量生产技术水平，这两大变量共同作为企业经营绩效的代理变量。首先，利用
匹配得到的 16808个年度-企业观测值进行主回归，验证数字金融与企业经营绩效之间
的正向关系；其次，使用逐步检验回归系数法，对融资约束和人力资本投入进行影响
机制检验；最后，引入交互项，考察规模和股权性质对数字金融与企业经营绩效关系
的影响。
本文产生的结论如下：第一，企业财务表现和生产技术水平的提高一定程度上与
地区数字金融的发展相关联；第二，在城市中推广数字金融，不仅能减少经济活动主
体的融资成本，拓宽融资渠道，减轻融资的制约，还能提高人力资本的投资，雇佣和
培养具有运营新型商业模式经验和技能的员工，提高企业的经营绩效；第三，相比较
于在信贷市场上一直处于优势地位的大型国有企业，数字金融的发展对中小民营企业
的融资环境改善更大，因此中小民营企业的经营绩效增长比率也更大。
本文研究拓宽了数字金融对微观企业的研究边界，全面考察了数字金融对企业经
营绩效的影响，探究数字金融对企业经营的影响机制，丰富了数字金融发挥作用的渠
道。本文研究结论为政府制定政策，服务企业转型，推动产业升级提供新的方向。
关键词：数字金融；经营绩效；融资约束；人力资本；因子分析法
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Abstract
Abstract
Finance is an economic activity that integrates financial resources. It is at the core of the
modern market economy. It is an important lever for regulating the macro economy and an
important medium linking all links of the market economy. At present, the traditional financial
industry cannot fully cover the groups in need of funds, and the cost of financial services
provided is relatively high and the service efficiency is low. Digital finance uses information
technology to obtain more accurate user data, provide professional and personalized financial
services. It provides funds for the tail groups that are ignored by the traditional financial
industry, and effectively breaks the difficulties faced by the traditional financial industry.
Enterprises are the mainstay of the development of China's market economy. Paying attention
to the production and operation activities of enterprises and improving their operating
performance can promote the development of the market economy. Digital finance improves
the efficiency of resource allocation, helps enterprises' production and operation, improves their
business performance. Therefore, it finds ways to promote high-quality economics, which is
conducive to deepening the reform of the market economy. Based on long tail theory,
information asymmetry theory and financing order theory, this thesis analyzes the theoretical
mechanism of digital finance's impact on business performance, and sort out the channels of
influence between the two.
This thesis selects the 2011-2020 Shanghai and Shenzhen A-share listed companies as the
research sample, based on the panel regression model, to test the promotion of the development
of digital finance on the business performance of enterprises. Among them, the city-level data
of the Peking University Digital Financial Inclusion Index is used as a proxy variable for the
development level of digital finance. The factor analysis method is used to construct
comprehensive financial performance by selecting profitability, solvency, development ability
and other indicators. The total factor productivity which is measured according to the LP
method is used as the proxy variable of the business performance of the enterprise with the
comprehensive financial performance. First, we use the 16808 annual-enterprise observations
obtained from the matching to perform the main regression to verify the core hypothesis of this
article. Second, we use the stepwise test regression coefficient method to test the intermediary
variables. Finally, an interactive item is introduced to examine the impact of scale and equity
nature on the relationship between digital finance and business performance.
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数字金融对企业经营绩效影响的实证研究
The conclusions produced in this thesis are as follows. First, the development of digital
finance can effectively improve firm performance, improve corporate financial performance,
and increase corporate total factor productivity. Second, the development of digital finance can
reduce corporate financing costs and broaden financing channels, therefore, alleviate the
financing constraints faced by enterprises. And it can also increase the investment in human
capital, hire and train employees with experience and skills in operating new business models,
to improve the business performance of the enterprise. Third, compared with large state-owned
enterprises that have always been in a dominant position in the credit market, the development
of digital finance has improved the financing environment of small and medium-sized private
enterprises even more, so the growth rate of the operating performance of small and medium-
sized private enterprises is also greater.
This study broadens the research boundary of digital finance for micro-enterprises,
comprehensively examines the impact of digital finance on business performance, and enriches
the role of digital finance Channels. The research conclusions of this thesis provide a new
direction for the government to formulate policies, serve the transformation of enterprises, and
promote industrial upgrading.
Key Words: Digital finance; Firm performance; Financial constraints; Human capital;
Factor analysis
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