贵州财经大学学报

贵州财经大学学报 ›› 2024 ›› Issue (05): 38-47.

• 金融经济 • 上一篇    下一篇

数字金融如何影响不同模式融资成本——基于内外信息不对称双重视角

郭净1,2, 霍家旭1,2,3, 张居营1,2   

  1. 1. 河北金融学院 金融创新与风险管理研究中心, 河北 保定 071051;
    2. 河北省数字金融治理与数据安全研究基地, 河北 保定 071051;
    3. 中国社会科学院大学 应用经济学院, 北京 102488
  • 收稿日期:2024-02-10 出版日期:2024-09-15 发布日期:2024-09-21
  • 作者简介:郭净(1978—),女,河北保定人,河北金融学院金融与投资学院教授,研究方向为金融创新、金融风险管理;霍家旭(1996—),女,河北保定人,中国社会科学院大学应用经济学院博士研究生,研究方向为数字金融、宏观金融;张居营(1982—),男,山东济宁人,博士,河北金融学院讲师,研究方向为企业融资、金融风险。
  • 基金资助:
    河北省教育厅人文社科研究重大课题攻关项目"金融科技'负责任创新’及其监管体系研究"(ZD202019)。

How Does Digital Finance Affect the Cost of Different Financing Modes? -Based on the Dual Perspective of Internal and External Information Asymmetry

GUO Jing1,2, HUO Jiaxu1,2,3, ZHANG Juying1,2   

  1. 1. Financial Innovation and Risk Management Research Center, Hebei Finance University, Baoding, Hebei 071051, China;
    2. Digital Financial Governance and Data Security Research Base of Hebei Province, Baoding, Hebei 071051, China;
    3. School of Applied Economics, University of Chinese Academy of Social Sciences, Beijing 102488, China
  • Received:2024-02-10 Online:2024-09-15 Published:2024-09-21

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摘要： 数字金融对于纾解企业融资困境、降低融资成本具有重要意义,但在不同融资模式下数字金融影响效应及作用机制的差异性研究还相对缺乏。本文以2011—2020年沪深两市企业为样本,探讨数字金融对债务与股权模式融资成本的异质影响,并从内部盈余管理、外部信息披露的信息不对称视角探究其作用机制。研究发现,数字金融的资源和治理效应能够显著降低企业融资成本,但相对股权,债务融资模式降成本效果更优;盈余管理和信息披露质量在债务融资中均起中介作用,而股权融资中仅信息披露有效。进一步分析显示,低管理层持股、大型及高新企业更受益于数字金融降低股权成本;高金融市场化地区及中小企业则更显著受益于债务成本降低。本研究有助于金融机构提供精准服务、企业优化融资策略与信息管理,推进我国数字金融发展。

关键词: 数字金融, 融资成本, 融资模式, 信息不对称, 盈余管理, 信息披露

Abstract: Digital finance is of great significance to relieve the financing dilemma and reduce the financing cost of enterprises. However, research on the differential effects and mechanisms of digital finance in various financing models is relatively scarce. This paper using data from Shanghai and Shenzhen A-share listed companies from 2011 to 2020, explores the heterogeneous impact of digital finance on debt and equity financing costs, and investigates the mechanisms from the perspectives of internal earnings management and external information disclosure.The study finds that the resource and governance effects of digital finance can significantly reduce corporate financing costs. However, the cost reduction effect is more pronounced for debt financing compared to equity financing. Additionally, earnings management and the quality of information disclosure serve as mediators in debt financing, while only information disclosure is effective in equity financing. Further analysis reveals that firms with lower management shareholding, larger sizes, and those in high-tech sectors benefit more from digital finance in reducing equity financing costs. Conversely, firms in regions with higher financial marketization and smaller-scale enterprises benefit more significantly from reduced debt financing costs. This study contributes to financial institutions in providing precise services, optimizing corporate financing strategies and information management, and advancing the development of digital finance in China.

Key words: digital finance, financing cost, financing mode, information asymmetry, earnings management, information disclosure

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