数字金融赋能制造企业高质量发展路径研究

以2012—2021年A股上市制造企业的数据为样本,采用面板回归模型实证检验了数字金融赋能制造企业高质量发展的路径及其作用机制。通过研究发现,数字金融从覆盖广度、使用深度和数字化程度三个维度均能显著促进制造企业的高质量发展;现金持有水平在数字金融对制造企业高质量发展的影响中承担了部分中介作用;研发投入在数字金融对制造企业高质量发展的影响中发挥了调节效应;数字金融对不同规模和不同产权性质的制造企业高质量发展的影响具有异质性。该研究成果为推动制造企业的高质量发展,积极发挥数字金融在企业中的助推作用,提供一定的参考价值。

Research on the Path of Digital Finance Enabling High-quality Development of Manufacturing Enterprises

Taking the data of A-share listed manufacturing enterprises from 2012 to 2021 as samples, the path of digital finance empowering the high-quality development of manufacturing enterprises and its mechanism of action using panel regression model were empirically examined.The results are as follows.Digital finance can significantly promote the high-quality development of manufacturing enterprises in three dimensions that are breadth of coverage, depth of use and degree of digitization.The level of cash holdings assumes a partially intermediary role in the impact of digital finance on the high-quality development of manufacturing enterprises.Research and development (R&D) investment exerts a moderating effect in the impact of digital finance on the high-quality development of manufacturing enterprises,and digital finance has a heterogeneous effect on the high-quality development of manufacturing enterprises of different sizes and different property rights. Base on the results, certain reference value for promoting the high-quality development of manufacturing enterprises and actively playing the role of digital finance in enterprises are put forward.