数字金融有助于降低企业违规吗？——基于A股上市公司的实证研究
学术
财经
2024-09-19 13:40
上海
数字金融有助于降低企业违规吗？——基于A股上市公司的实证研究
Does Digital Finance Help Reduce Corporate Violations? An Empirical Study Based on A-share Listed Companies
《外国经济与管理》2024年46卷第9期 页码：17-30 online：2024年9月20日
中：董小红 , 潘成双 , 吕静
英：Dong Xiaohong , Pan Chengshuang , Lyu Jing
作者单位：安徽财经大学 会计学院, 安徽 蚌埠 233030
摘要：本文以2011—2020年A股上市公司为研究对象，探讨数字金融对企业违规的影响和作用机制。研究结果表明，数字金融显著降低了企业违规，数字金融通过发挥资源效应、信息效应和治理效应降低企业违规，具体而言，数字金融可以通过降低企业的融资约束和信息不对称以及提升内部控制质量，进而降低企业违规。进一步研究发现，数字金融的广度和深度都可以抑制企业违规；数字金融对企业违规的抑制作用在东部地区更为显著；数字金融与传统金融之间表现为互补作用，即传统金融发展好的地区，数字金融对企业违规的抑制作用更好。本文不仅丰富了数字金融和企业违规相关领域的研究文献，也为推动数字化建设、实现资本市场高质量发展提供了一定的借鉴与启示。
关键词：数字金融；企业违规；资源效应；信息效应；治理效应
Summary: Taking A-share listed companies from 2011 to 2020 as the research object, this paper explores the impact and mechanism of digital finance on corporate violations. The research findings indicate that: (1) Digital finance significantly reduces corporate violations. (2) Digital finance reduces corporate violations by leveraging the resource effect, the information effect, and the governance effect. Specifically, digital finance can reduce corporate violations by alleviating financing constraints and information asymmetry, as well as enhancing internal control quality. (3) Further investigation reveals that both the breadth and depth of digital finance can suppress corporate violations. The inhibitory effect of digital finance on corporate violations is more pronounced in eastern regions. Additionally, there is a complementary relationship between digital finance and traditional finance, that is, in regions with well-developed traditional finance, digital finance exhibits a better inhibitory effect on corporate violations. This paper not only enriches the literature on digital finance and corporate violations, but also provides insights and guidance for promoting digitalization and achieving high-quality development in capital markets.
Key words:digital finance; corporate violations; resource effect; information effect; governance effect
DOI：10.16538/j.cnki.fem.20240524.203
收稿日期：2023-12-28
基金项目：国家社会科学基金一般项目（21BJY260）
