数字普惠金融发展能提升企业价值吗？——来自中小板上市公司的证据-《集美大学学报》（哲社版）

文章信息/Info

Title:: Can the Development of Digital Financial Inclusion Enhance Corporate Value?——Evidence from Listed Companies on the Small and Medium Board

作者:: 高绍福1; 何紫晶1; 江涵远2; （1.集美大学工商管理学院，福建厦门 361021;2.华中农业大学经济管理学院，湖北武汉 430070）

Author(s):: GAO Shao-fu1; HE Zi-jing1; JIANG Han-yuan2; (1.School of Business Administration,Jimei University,Xiamen 361021,China;2.College of Economics and Management,Huazhong Agricultural University,Wuhan 430070,China)

Keywords:: digital financial inclusion; corporate value; corporate financialization; small and medium-sized listed enterprises

摘要:: 将2011—2020年我国中小板上市公司作为研究样本，实证探究了地区数字普惠金融水平对企业价值的影响以及传导机制。研究发现，数字普惠金融的发展能激励企业技术创新、强化主业经营进而提升企业价值，其覆盖广度以及使用深度在提升企业价值中发挥了主要作用；与国有性质的中小上市企业相比，数字普惠金融的发展对于提升民营中小上市企业企业价值的作用更加显著；企业金融化程度具有调节作用，过度的金融资产投资会削弱数字普惠金融对企业价值的正向影响。在数字普惠金融发展过程中，地方政府、银行等金融机构及企业主体要各司其职，把握数字普惠金融模式带来的发展契机，优化金融发展环境，合理利用金融资源，不断提高资源配置水平，以期实现经济的高质量发展。

Abstract:: This article takes the small and medium board listed companies from 2011 to 2020 as a research sample to empirically explore the impact of regional digital financial inclusion on the value of local minor enterprises and the transmission mechanism.The research found that the development of digital financial inclusion can stimulate enterprise technological innovation,strengthen the main business operation and enhance the value of the enterprise,and the two dimensions of coverage and depth of use play a major role in enhancing the value of enterprises;compared with state-owned enterprises,the development of digital financial inclusion plays a more significant role in enhancing the value of non-state-owned minor listed enterprises;the degree of corporate financialization has a moderating effect,and excessive financial asset investment will weaken the positive impact of digital financial inclusion on corporate value.In the development of digital financial inclusion,local governments,banks and other financial institutions and small and medium-sized enterprises must perform their respective duties,grasp the development opportunities brought by the digital financial inclusion model,optimize the financial development environment,rationally utilize financial resources,and continuously improve resources allocation level in order to achieve high-quality economic development.