【數(shù)字金融對(duì)中小企業(yè)投資效率的影響實(shí)證探析10000字（論文）】

數(shù)字金融對(duì)中小企業(yè)投資效率的影響實(shí)證分析目錄TOC\o"1-3"\h\u1引言 12文獻(xiàn)綜述 32.1數(shù)字金融 32.2企業(yè)投資效率 32.3數(shù)字金融指標(biāo)體系 43理論分析與研究假設(shè) 54研究設(shè)計(jì) 74.1樣本選擇與數(shù)據(jù)來(lái)源 74.2變量解釋 74.2.1被解釋變量 74.2.2核心解釋變量 74.2.3控制變量 84.3實(shí)證模型 95實(shí)證分析 115.1描述性統(tǒng)計(jì) 115.2基準(zhǔn)回歸分析 115.3穩(wěn)健性檢驗(yàn) 135.4進(jìn)一步研究：基于非投資效率的分解與區(qū)域異質(zhì)性特征 155.4.1分解回歸 155.4.2異質(zhì)性檢驗(yàn) 166結(jié)論與啟示 19參考文獻(xiàn) 21

2文獻(xiàn)綜述1引言在黨的十九屆四中全會(huì)中，數(shù)據(jù)首次被提出可以作為生產(chǎn)要素按照貢獻(xiàn)參與分配，這一舉動(dòng)標(biāo)志著我國(guó)進(jìn)入數(shù)字經(jīng)濟(jì)紅利大規(guī)模釋放時(shí)代。近年來(lái)，隨著我國(guó)科學(xué)技術(shù)的日漸發(fā)達(dá)，我國(guó)的數(shù)字金融發(fā)展日益蓬勃，數(shù)字金融應(yīng)用與業(yè)務(wù)得以運(yùn)用與開(kāi)展，數(shù)字金融成為我國(guó)居民生活中的一種重要交易模式。金融科技公司借助信息技術(shù)滲透在用戶各種場(chǎng)景中，如支付寶與微信的支付功能為我國(guó)居民購(gòu)物提供便利。這些金融科技不僅為用戶提供夠更便利更高效的金融服務(wù)，同時(shí)對(duì)于企業(yè)而言，融資渠道的拓寬與審批流程簡(jiǎn)化幫助企業(yè)提升融資效率。截止至2019年末，我國(guó)數(shù)字金融支付的市場(chǎng)規(guī)模已達(dá)約130萬(wàn)億元，并預(yù)計(jì)于2021年末預(yù)計(jì)達(dá)到約135萬(wàn)億元數(shù)據(jù)來(lái)源：螞蟻集團(tuán)招股書(shū)，天風(fēng)證券研究所數(shù)據(jù)來(lái)源：螞蟻集團(tuán)招股書(shū)，天風(fēng)證券研究所改革開(kāi)放后，中小微企業(yè)呈現(xiàn)高速發(fā)展的態(tài)勢(shì)，其對(duì)經(jīng)濟(jì)的影響不容小覷。中小微企業(yè)擴(kuò)張壯大的同時(shí)，也持續(xù)通過(guò)投資來(lái)實(shí)現(xiàn)企業(yè)未來(lái)持續(xù)的發(fā)展。然而，中小微企業(yè)在投資方面效率較低ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>張英明</Author><Year>2017</Year><RecNum>58</RecNum><DisplayText><stylefont="PingFangSC">（</style>張英明和張精<stylefont="PingFangSC">，2017）</style></DisplayText><record><rec-number>58</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1620203236">58</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>張英明</author><author>張精</author></authors></contributors><auth-address>江蘇師范大學(xué)商學(xué)院;</auth-address><titles><title>融資約束條件下中小企業(yè)非效率投資問(wèn)題研究——基于中小企業(yè)板上市公司的經(jīng)驗(yàn)數(shù)據(jù)</title><secondary-title>會(huì)計(jì)之友</secondary-title></titles><periodical><full-title>會(huì)計(jì)之友</full-title></periodical><pages>97-102</pages><number>05</number><keywords><keyword>中小企業(yè)</keyword><keyword>融資約束</keyword><keyword>非效率投資</keyword><keyword>投資不足</keyword></keywords><dates><year>2017</year></dates><isbn>1004-5937</isbn><call-num>14-1063/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（張英明和張精，2017），存在非效率投資行為的存在，這意味著企業(yè)并沒(méi)有選擇最合適的投資項(xiàng)目進(jìn)行投資，為企業(yè)帶來(lái)利益，這樣的投資行為并不能促進(jìn)企業(yè)的發(fā)展。目前，我國(guó)中小微企業(yè)面臨的投資效率問(wèn)題可區(qū)分為投資不足與投資過(guò)度。一方面，由于中小微企業(yè)自身信用等級(jí)較低、發(fā)展風(fēng)險(xiǎn)大、企業(yè)財(cái)務(wù)數(shù)據(jù)不規(guī)范等問(wèn)題的存在，加之外部機(jī)構(gòu)對(duì)中小微企業(yè)存在的嚴(yán)重信息不對(duì)稱，導(dǎo)致企業(yè)面臨單一的融資方式、較高的風(fēng)險(xiǎn)識(shí)別成本與融資成本ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>呂勁松</Author><Year>2015</Year><RecNum>19</RecNum><DisplayText><stylefont="PingFangSC">（</style>呂勁松<stylefont="PingFangSC">，2015）</style></DisplayText><record><rec-number>19</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617434434">19</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>呂勁松</author></authors></contributors><auth-address>審計(jì)署重慶特派辦;</auth-address><titles><title>關(guān)于中小企業(yè)融資難、融資貴問(wèn)題的思考</title><secondary-title>金融研究</secondary-title></titles><periodical><full-title>金融研究</full-title></periodical><pages>115-123</pages><number>11</number><keywords><keyword>中小企業(yè)</keyword><keyword>融資難、融資貴</keyword></keywords><dates><year>2015</year></dates><isbn>1002-7246</isbn><call-num>11-1268/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（呂勁松，2015），進(jìn)而導(dǎo)致企業(yè)投資不足。另一方面，中小微企業(yè)發(fā)展初期經(jīng)驗(yàn)不足，企業(yè)內(nèi)部管理較不完善、委托代理問(wèn)題的存在導(dǎo)致企業(yè)資源配置的不合理，進(jìn)而產(chǎn)生企業(yè)投資過(guò)度。上述兩方面問(wèn)題構(gòu)成了中小微企業(yè)的非效率投資。要實(shí)現(xiàn)中小微企業(yè)的健康成長(zhǎng)和長(zhǎng)遠(yuǎn)發(fā)展，緩解中小微企業(yè)非效率投資行為的重要性不言而喻。在信息科學(xué)技術(shù)的輔助下，數(shù)字金融的的發(fā)展能夠緩解傳統(tǒng)金融市場(chǎng)中存在的金融排斥性，更好的服務(wù)實(shí)體經(jīng)濟(jì)。現(xiàn)有研究表明，數(shù)字金融能夠有效緩解企業(yè)融資約束，但數(shù)字金融是否能夠通過(guò)緩解融資約束的方式進(jìn)而改變企業(yè)的投資效率？這一影響是否存在于中小微企業(yè)？基于此，本文將聚焦數(shù)字金融的發(fā)展，從中小微企業(yè)視角出發(fā)，研究數(shù)字金融的發(fā)展對(duì)于企業(yè)投資效率的影響。本文將針對(duì)數(shù)字金融對(duì)中小企業(yè)投資效率影響機(jī)制進(jìn)行理論分析，運(yùn)用回歸模型實(shí)證研究?jī)烧唛g的關(guān)系與影響效果；再者，本文將基于非效率投資性質(zhì)、區(qū)域性質(zhì)與股權(quán)性質(zhì)進(jìn)一步探究考察數(shù)字金融的發(fā)展是否能夠幫助中小微企業(yè)擺脫這樣的困境，并且促進(jìn)中小微企業(yè)進(jìn)一步發(fā)展。本文可能具有的貢獻(xiàn)之處是：采用“北京大學(xué)數(shù)字普惠金融指數(shù)”ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>郭峰</Author><Year>2020</Year><RecNum>2</RecNum><DisplayText><stylefont="PingFangSC">（</style>郭峰,王靖一等<stylefont="PingFangSC">，2020）</style></DisplayText><record><rec-number>2</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1616998319">2</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>郭峰</author><author>王靖一</author><author>王芳</author><author>孔濤</author><author>張勛</author><author>程志云</author></authors></contributors><auth-address>上海財(cái)經(jīng)大學(xué)公共經(jīng)濟(jì)與管理學(xué)院;北京大學(xué)數(shù)字金融研究中心;中央財(cái)經(jīng)大學(xué)金融學(xué)院;螞蟻科技集團(tuán)研究院;北京大學(xué)中國(guó)社會(huì)科學(xué)調(diào)查中心;北京師范大學(xué)統(tǒng)計(jì)學(xué)院;</auth-address><titles><title>測(cè)度中國(guó)數(shù)字普惠金融發(fā)展:指數(shù)編制與空間特征</title><secondary-title>經(jīng)濟(jì)學(xué)(季刊)</secondary-title></titles><periodical><full-title>經(jīng)濟(jì)學(xué)(季刊)</full-title></periodical><pages>1401-1418</pages><volume>19</volume><number>04</number><keywords><keyword>數(shù)字金融</keyword><keyword>普惠金融</keyword><keyword>層次分析法</keyword></keywords><dates><year>2020</year></dates><isbn>2095-1086</isbn><call-num>11-6010/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>郭峰等（2020），基于中小微企業(yè)的視角，探究數(shù)字金融對(duì)投資效率的影響，為后續(xù)數(shù)字金融相關(guān)研究提供經(jīng)驗(yàn)。在中國(guó)轉(zhuǎn)型發(fā)展的背景下剖析研究該課題，對(duì)實(shí)現(xiàn)中小微企業(yè)自身可持續(xù)發(fā)展，促進(jìn)中小微企業(yè)發(fā)展和中國(guó)經(jīng)濟(jì)轉(zhuǎn)型提供一定參考與啟示。2文獻(xiàn)綜述2.1數(shù)字金融數(shù)字金融作為一種逐日興起的金融模式，雖然發(fā)展時(shí)間相對(duì)較短，但對(duì)國(guó)家經(jīng)濟(jì)與人民生活產(chǎn)生了不容小覷的影響。因此，數(shù)字金融的發(fā)展與影響也備受學(xué)者關(guān)注。從數(shù)字金融概念衍生的角度而言，ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>謝平</Author><Year>2012</Year><RecNum>53</RecNum><DisplayText><stylefont="PingFangSC">（</style>謝平和鄒傳偉<stylefont="PingFangSC">，2012）</style></DisplayText><record><rec-number>53</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1620194164">53</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>謝平</author><author>鄒傳偉</author></authors></contributors><auth-address>中國(guó)投資有限責(zé)任公司;</auth-address><titles><title>互聯(lián)網(wǎng)金融模式研究</title><secondary-title>金融研究</secondary-title></titles><periodical><full-title>金融研究</full-title></periodical><pages>11-22</pages><number>12</number><keywords><keyword>互聯(lián)網(wǎng)金融模式</keyword><keyword>移動(dòng)支付</keyword><keyword>社交網(wǎng)絡(luò)</keyword><keyword>搜索引擎</keyword><keyword>云計(jì)算</keyword></keywords><dates><year>2012</year></dates><isbn>1002-7246</isbn><call-num>11-1268/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>謝平和鄒傳偉（2012）研究定義了與商業(yè)銀行間接融資和資本市場(chǎng)直接融資不相同的互聯(lián)網(wǎng)金融模式，分析該模式能夠提高社會(huì)資源配置、降低交易成本，從而促進(jìn)經(jīng)濟(jì)增長(zhǎng)；ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>吳曉求</Author><Year>2015</Year><RecNum>54</RecNum><DisplayText><stylefont="PingFangSC">（</style>吳曉求<stylefont="PingFangSC">，2015）</style></DisplayText><record><rec-number>54</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1620195526">54</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>吳曉求</author></authors></contributors><auth-address>中國(guó)人民大學(xué)財(cái)政金融學(xué)院;中國(guó)人民大學(xué)金融與證券研究所;</auth-address><titles><title>互聯(lián)網(wǎng)金融:成長(zhǎng)的邏輯</title><secondary-title>財(cái)貿(mào)經(jīng)濟(jì)</secondary-title></titles><periodical><full-title>財(cái)貿(mào)經(jīng)濟(jì)</full-title></periodical><pages>5-15</pages><number>02</number><keywords><keyword>互聯(lián)網(wǎng)金融</keyword><keyword>金融功能</keyword><keyword>理論結(jié)構(gòu)</keyword><keyword>風(fēng)險(xiǎn)特點(diǎn)</keyword><keyword>監(jiān)管準(zhǔn)則</keyword></keywords><dates><year>2015</year></dates><isbn>1002-8102</isbn><call-num>11-1166/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>吳曉求（2015）研究了互聯(lián)網(wǎng)金融通過(guò)信息技術(shù)、云數(shù)據(jù)等推動(dòng)金融結(jié)構(gòu)變革與金融功能效率提升，推動(dòng)金融產(chǎn)品創(chuàng)新；而ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>黃益平</Author><Year>2018</Year><RecNum>4</RecNum><DisplayText><stylefont="PingFangSC">（</style>黃益平和黃卓<stylefont="PingFangSC">，2018）</style></DisplayText><record><rec-number>4</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1616998910">4</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>黃益平</author><author>黃卓</author></authors></contributors><auth-address>北京大學(xué)國(guó)家發(fā)展研究院、北京大學(xué)數(shù)字金融研究中心;</auth-address><titles><title>中國(guó)的數(shù)字金融發(fā)展:現(xiàn)在與未來(lái)</title><secondary-title>經(jīng)濟(jì)學(xué)(季刊)</secondary-title></titles><periodical><full-title>經(jīng)濟(jì)學(xué)(季刊)</full-title></periodical><pages>1489-1502</pages><volume>17</volume><number>04</number><keywords><keyword>數(shù)字金融</keyword><keyword>互聯(lián)網(wǎng)金融</keyword><keyword>金融科技</keyword></keywords><dates><year>2018</year></dates><isbn>2095-1086</isbn><call-num>11-6010/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>黃益平和黃卓（2018）指出數(shù)字金融與“金融科技”和“互聯(lián)網(wǎng)金融”概念相似，傳統(tǒng)金融機(jī)構(gòu)在互聯(lián)網(wǎng)企業(yè)的幫助下，利用數(shù)字技術(shù)完成交易支付、投融資和其他金融業(yè)務(wù)的模式。從數(shù)字金融對(duì)整體經(jīng)濟(jì)的影響而言，其發(fā)展有利于減少市場(chǎng)交易成本，降低市場(chǎng)中存在的信息不對(duì)稱ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>CortinaLorente</Author><Year>2018</Year><RecNum>32</RecNum><DisplayText><stylefont="PingFangSC">（</style>CortinaLorente和Schmukler<stylefont="PingFangSC">，2018）</style></DisplayText><record><rec-number>32</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618807766">32</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>CortinaLorente,JuanJose</author><author>Schmukler,SergioL</author></authors></contributors><titles><title>TheFintechRevolution:AThreattoGlobalBanking?</title><secondary-title>WorldBankResearchandPolicyBriefs</secondary-title></titles><periodical><full-title>WorldBankResearchandPolicyBriefs</full-title></periodical><number>125038</number><dates><year>2018</year></dates><urls></urls></record></Cite></EndNote>（CortinaLorenteandSchmukler，2018），數(shù)字金融的發(fā)展能夠緩解傳統(tǒng)金融模式中金融錯(cuò)配問(wèn)題ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>趙曉鴿</Author><Year>2021</Year><RecNum>55</RecNum><DisplayText><stylefont="PingFangSC">（</style>趙曉鴿,鐘世虎等<stylefont="PingFangSC">，2021）</style></DisplayText><record><rec-number>55</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1620199578">55</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>趙曉鴿</author><author>鐘世虎</author><author>郭曉欣</author></authors></contributors><auth-address>中南大學(xué)商學(xué)院;上海財(cái)經(jīng)大學(xué)公共經(jīng)濟(jì)與管理學(xué)院;</auth-address><titles><title>數(shù)字普惠金融發(fā)展、金融錯(cuò)配緩解與企業(yè)創(chuàng)新</title><secondary-title>科研管理</secondary-title></titles><periodical><full-title>科研管理</full-title></periodical><pages>158-169</pages><volume>42</volume><number>04</number><keywords><keyword>數(shù)字普惠金融</keyword><keyword>企業(yè)創(chuàng)新</keyword><keyword>金融錯(cuò)配緩解</keyword><keyword>中介作用</keyword></keywords><dates><year>2021</year></dates><isbn>1000-2995</isbn><call-num>11-1567/G3</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（趙曉鴿等，2021）。數(shù)字金融也能夠提高商業(yè)銀行的服務(wù)質(zhì)量與服務(wù)效率ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Berger</Author><Year>2003</Year><RecNum>36</RecNum><DisplayText><stylefont="PingFangSC">（</style>Berger<stylefont="PingFangSC">，2003）</style></DisplayText><record><rec-number>36</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618810665">36</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Berger,AllenN</author></authors></contributors><titles><title>Theeconomiceffectsoftechnologicalprogress:Evidencefromthebankingindustry</title><secondary-title>JournalofMoney,creditandBanking</secondary-title></titles><periodical><full-title>JournalofMoney,creditandBanking</full-title></periodical><pages>141-176</pages><dates><year>2003</year></dates><isbn>0022-2879</isbn><urls></urls></record></Cite></EndNote>（Berger，2003），通過(guò)技術(shù)溢出效應(yīng)推動(dòng)我國(guó)商業(yè)銀行的全要素生產(chǎn)率ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>沈悅</Author><Year>2015</Year><RecNum>35</RecNum><DisplayText><stylefont="PingFangSC">（</style>沈悅和郭品<stylefont="PingFangSC">，2015）</style></DisplayText><record><rec-number>35</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618810490">35</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>沈悅</author><author>郭品</author></authors></contributors><auth-address>西安交通大學(xué)經(jīng)濟(jì)與金融學(xué)院;</auth-address><titles><title>互聯(lián)網(wǎng)金融、技術(shù)溢出與商業(yè)銀行全要素生產(chǎn)率</title><secondary-title>金融研究</secondary-title></titles><periodical><full-title>金融研究</full-title></periodical><pages>160-175</pages><number>03</number><keywords><keyword>互聯(lián)網(wǎng)金融</keyword><keyword>技術(shù)溢出效應(yīng)</keyword><keyword>商業(yè)銀行全要素生產(chǎn)率</keyword></keywords><dates><year>2015</year></dates><isbn>1002-7246</isbn><call-num>11-1268/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（沈悅和郭品，2015）。數(shù)字金融的普惠特征能夠緩解中小微企業(yè)的融資約束，解決中小微企業(yè)的融資困境ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>周澤炯</Author><Year>2020</Year><RecNum>24</RecNum><DisplayText><stylefont="PingFangSC">（</style>周澤炯和王國(guó)慶<stylefont="PingFangSC">，2020）</style></DisplayText><record><rec-number>24</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617444748">24</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>周澤炯</author><author>王國(guó)慶</author></authors></contributors><auth-address>安徽財(cái)經(jīng)大學(xué)經(jīng)濟(jì)學(xué)院;安徽財(cái)經(jīng)大學(xué)金融學(xué)院;</auth-address><titles><title>數(shù)字普惠金融對(duì)中小企業(yè)融資的影響研究</title><secondary-title>長(zhǎng)春師范大學(xué)學(xué)報(bào)</secondary-title></titles><periodical><full-title>長(zhǎng)春師范大學(xué)學(xué)報(bào)</full-title></periodical><pages>72-76</pages><volume>39</volume><number>11</number><keywords><keyword>數(shù)字普惠金融</keyword><keyword>中小企業(yè)</keyword><keyword>融資困境</keyword></keywords><dates><year>2020</year></dates><isbn>2095-7602</isbn><call-num>22-1409/G4</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（周澤炯和王國(guó)慶，2020），數(shù)字金融也能夠通過(guò)緩解企業(yè)融資約束來(lái)進(jìn)一步促進(jìn)企業(yè)創(chuàng)新ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>喻平</Author><Year>2020</Year><RecNum>39</RecNum><DisplayText><stylefont="PingFangSC">（</style>喻平和豆俊霞<stylefont="PingFangSC">，2020）</style></DisplayText><record><rec-number>39</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618813092">39</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>喻平</author><author>豆俊霞</author></authors></contributors><auth-address>武漢理工大學(xué)經(jīng)濟(jì)學(xué)院;</auth-address><titles><title>數(shù)字普惠金融、企業(yè)異質(zhì)性與中小微企業(yè)創(chuàng)新</title><secondary-title>當(dāng)代經(jīng)濟(jì)管理</secondary-title></titles><periodical><full-title>當(dāng)代經(jīng)濟(jì)管理</full-title></periodical><pages>79-87</pages><volume>42</volume><number>12</number><keywords><keyword>數(shù)字普惠金融</keyword><keyword>中小微企業(yè)</keyword><keyword>融資約束</keyword><keyword>企業(yè)創(chuàng)新</keyword></keywords><dates><year>2020</year></dates><isbn>1673-0461</isbn><call-num>13-1356/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（喻平和豆俊霞，2020）?？傮w而言，大部分現(xiàn)有研究結(jié)果均表明數(shù)字金融的發(fā)展對(duì)整體經(jīng)濟(jì)與社會(huì)具有顯著積極的正向作用。2.2企業(yè)投資效率在完美資本市場(chǎng)假設(shè)下，企業(yè)能夠?qū)⑼顿Y狀態(tài)保持在最優(yōu)投資規(guī)模。然而，在實(shí)際的資本市場(chǎng)中，由于市場(chǎng)信息不對(duì)稱與代理成本的存在，引發(fā)了道德風(fēng)險(xiǎn)與逆向選擇的發(fā)生，導(dǎo)致公司實(shí)際投資水平不能處在最優(yōu)投資規(guī)模下，致使企業(yè)出現(xiàn)非效率投資的行為ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>鄭建明</Author><Year>2018</Year><RecNum>13</RecNum><DisplayText><stylefont="PingFangSC">（</style>鄭建明,許晨曦等<stylefont="PingFangSC">，2018）</style></DisplayText><record><rec-number>13</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617353292">13</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>鄭建明</author><author>許晨曦</author><author>鄭林澤</author></authors></contributors><auth-address>對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)國(guó)際商學(xué)院;中信建投證券;</auth-address><titles><title>影子銀行參與與企業(yè)投資效率</title><secondary-title>新疆大學(xué)學(xué)報(bào)(哲學(xué)·人文社會(huì)科學(xué)版)</secondary-title></titles><periodical><full-title>新疆大學(xué)學(xué)報(bào)(哲學(xué)·人文社會(huì)科學(xué)版)</full-title></periodical><pages>17-26</pages><volume>46</volume><number>02</number><keywords><keyword>影子銀行參與</keyword><keyword>現(xiàn)金流</keyword><keyword>信息不對(duì)稱</keyword><keyword>投資效率</keyword></keywords><dates><year>2018</year></dates><isbn>1000-2820</isbn><call-num>65-1034/G4</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（鄭建明等，2018）。非效率投資可區(qū)分為投資不足與投資過(guò)度。ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Baskin</Author><Year>1989</Year><RecNum>14</RecNum><DisplayText><stylefont="PingFangSC">（</style>Baskin<stylefont="PingFangSC">，1989）</style></DisplayText><record><rec-number>14</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617353703">14</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Baskin,Jonathan</author></authors></contributors><titles><title>Anempiricalinvestigationofthepeckingorderhypothesis</title><secondary-title>Financialmanagement</secondary-title></titles><periodical><full-title>Financialmanagement</full-title></periodical><pages>26-35</pages><dates><year>1989</year></dates><isbn>0046-3892</isbn><urls></urls></record></Cite></EndNote>Baskin（1989）提出由于投資者對(duì)企業(yè)信息搜集存在難度，在評(píng)估企業(yè)風(fēng)險(xiǎn)時(shí)會(huì)產(chǎn)生“檸檬”溢價(jià)，導(dǎo)致逆向選擇發(fā)生，使企業(yè)面臨較高的融資約束與資金困難，無(wú)法使投資水平保持于最優(yōu)投資規(guī)模，致使企業(yè)投資不足的產(chǎn)生。投資者與管理者之間常存在委托-代理關(guān)系，當(dāng)企業(yè)管理者與所有者利益不同時(shí)，企業(yè)易發(fā)生委托代理問(wèn)題，這將導(dǎo)致企業(yè)出現(xiàn)投資過(guò)度的情況ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Fazzari</Author><Year>1987</Year><RecNum>45</RecNum><DisplayText><stylefont="PingFangSC">（</style>Fazzari,Hubbard等<stylefont="PingFangSC">，1987）</style></DisplayText><record><rec-number>45</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618992302">45</key></foreign-keys><ref-typename="Generic">13</ref-type><contributors><authors><author>Fazzari,Steven</author><author>Hubbard,RGlenn</author><author>Petersen,BruceC</author></authors></contributors><titles><title>Financingconstraintsandcorporateinvestment</title></titles><dates><year>1987</year></dates><publisher>NationalBureauofEconomicResearchCambridge,Mass.,USA</publisher><urls></urls></record></Cite></EndNote>（Fazzarietal.，1987）。當(dāng)企業(yè)管理者持有的實(shí)際權(quán)力愈大，對(duì)于自由現(xiàn)金流的配置的能力愈大，管理者有動(dòng)機(jī)將現(xiàn)金流投資于擴(kuò)大企業(yè)規(guī)模而不能夠給企業(yè)帶來(lái)實(shí)際收益的項(xiàng)目ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Jensen</Author><Year>1986</Year><RecNum>18</RecNum><DisplayText><stylefont="PingFangSC">（</style>Jensen<stylefont="PingFangSC">，1986）</style></DisplayText><record><rec-number>18</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617426076">18</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Jensen,MichaelC</author></authors></contributors><titles><title>Agencycostsoffreecashflow,corporatefinance,andtakeovers</title><secondary-title>TheAmericaneconomicreview</secondary-title></titles><periodical><full-title>TheAmericaneconomicreview</full-title></periodical><pages>323-329</pages><volume>76</volume><number>2</number><dates><year>1986</year></dates><isbn>0002-8282</isbn><urls></urls></record></Cite></EndNote>（Jensen，1986）。企業(yè)投資效率的影響因素具有較強(qiáng)的多元性，來(lái)源于企業(yè)內(nèi)外部不同因素。為解決企業(yè)非投資效率的問(wèn)題，學(xué)者們通過(guò)不同角度研究企業(yè)投資效率的影響因素。ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>屈文彬</Author><Year>2021</Year><RecNum>15</RecNum><DisplayText><stylefont="PingFangSC">（</style>屈文彬和吳一帆<stylefont="PingFangSC">，2021）</style></DisplayText><record><rec-number>15</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617355411">15</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>屈文彬</author><author>吳一帆</author></authors></contributors><auth-address>中國(guó)地質(zhì)大學(xué)(武漢)經(jīng)濟(jì)管理學(xué)院;</auth-address><titles><title>管理層權(quán)力、融資約束與非效率投資</title><secondary-title>財(cái)會(huì)通訊</secondary-title></titles><periodical><full-title>財(cái)會(huì)通訊</full-title></periodical><pages>63-67</pages><number>04</number><keywords><keyword>管理層權(quán)力</keyword><keyword>融資約束</keyword><keyword>非效率投資</keyword><keyword>投資過(guò)度</keyword><keyword>投資不足</keyword></keywords><dates><year>2021</year></dates><isbn>1002-8072</isbn><call-num>42-1103/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>屈文彬和吳一帆（2021）研究證明管理層權(quán)力與企業(yè)非效率投資存在顯著正相關(guān)，管理層握有的權(quán)利越大，越易激發(fā)企業(yè)的非效率投資；融資約束與非效率投資成顯著負(fù)相關(guān)，企業(yè)面臨融資約束程度越高，越能抑制企業(yè)出現(xiàn)過(guò)度投資。ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>孫海兵</Author><Year>2021</Year><RecNum>9</RecNum><DisplayText><stylefont="PingFangSC">（</style>孫海兵和周丹<stylefont="PingFangSC">，2021）</style></DisplayText><record><rec-number>9</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1617183374">9</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>孫海兵</author><author>周丹</author></authors></contributors><auth-address>三峽大學(xué)經(jīng)濟(jì)與管理學(xué)院;</auth-address><titles><title>環(huán)境不確定性、產(chǎn)權(quán)性質(zhì)與制造企業(yè)投資效率</title><secondary-title>會(huì)計(jì)之友</secondary-title></titles><periodical><full-title>會(huì)計(jì)之友</full-title></periodical><pages>126-131</pages><number>07</number><keywords><keyword>環(huán)境不確定性</keyword><keyword>產(chǎn)權(quán)性質(zhì)</keyword><keyword>投資效率</keyword><keyword>制造企業(yè)</keyword></keywords><dates><year>2021</year></dates><isbn>1004-5937</isbn><call-num>14-1063/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>孫海兵和周丹（2021）指出在內(nèi)外部環(huán)境的不確定行對(duì)企業(yè)非投資效率具有正相關(guān)的關(guān)系，內(nèi)部環(huán)境的不確定性傾向于影響企業(yè)投資過(guò)度，而外部環(huán)境的不確定傾向于影響企業(yè)投資不足。ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>杜閃</Author><Year>2021</Year><RecNum>29</RecNum><DisplayText><stylefont="PingFangSC">（</style>杜閃和王站杰<stylefont="PingFangSC">，2021）</style></DisplayText><record><rec-number>29</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618490704">29</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>杜閃</author><author>王站杰</author></authors></contributors><auth-address>貴州財(cái)經(jīng)大學(xué);</auth-address><titles><title>企業(yè)社會(huì)責(zé)任披露、投資效率和企業(yè)創(chuàng)新</title><secondary-title>貴州財(cái)經(jīng)大學(xué)學(xué)報(bào)</secondary-title></titles><periodical><full-title>貴州財(cái)經(jīng)大學(xué)學(xué)報(bào)</full-title></periodical><pages>52-62</pages><number>01</number><keywords><keyword>企業(yè)社會(huì)責(zé)任披露</keyword><keyword>投資效率</keyword><keyword>企業(yè)創(chuàng)新</keyword><keyword>企業(yè)績(jī)效</keyword></keywords><dates><year>2021</year></dates><isbn>2095-5960</isbn><call-num>52-1156/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>杜閃和王站杰（2021）研究證明企業(yè)社會(huì)責(zé)任披露促進(jìn)了企業(yè)投資效率。而ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>姚立杰</Author><Year>2020</Year><RecNum>30</RecNum><DisplayText><stylefont="PingFangSC">（</style>姚立杰,陳雪穎等<stylefont="PingFangSC">，2020）</style></DisplayText><record><rec-number>30</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618490950">30</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>姚立杰</author><author>陳雪穎</author><author>周穎</author><author>陳小軍</author></authors></contributors><auth-address>北京交通大學(xué)經(jīng)濟(jì)管理學(xué)院;中國(guó)科學(xué)院大學(xué)經(jīng)濟(jì)與管理學(xué)院;</auth-address><titles><title>管理層能力與投資效率</title><secondary-title>會(huì)計(jì)研究</secondary-title></titles><periodical><full-title>會(huì)計(jì)研究</full-title></periodical><pages>100-118</pages><number>04</number><keywords><keyword>管理層能力</keyword><keyword>投資效率</keyword><keyword>信息透明度</keyword><keyword>市場(chǎng)化進(jìn)程</keyword><keyword>內(nèi)部控制</keyword></keywords><dates><year>2020</year></dates><isbn>1003-2886</isbn><call-num>11-1078/F</call-num><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>姚立杰等（2020）指出企業(yè)的管理層能力與投資效率之間具有顯著的關(guān)系，隨著管理層能力提高，企業(yè)投資效率顯出提升。2.3文獻(xiàn)述評(píng)目前，國(guó)內(nèi)外學(xué)者已經(jīng)對(duì)數(shù)字金融的概念與模式演變進(jìn)行了許多研究，學(xué)者們也就數(shù)字金融對(duì)宏微觀個(gè)體與經(jīng)濟(jì)總體的不同影響進(jìn)行了不少研究。在現(xiàn)有文獻(xiàn)中，通過(guò)不同影響機(jī)制研究數(shù)字金融對(duì)融資約束影響的文獻(xiàn)較豐富，而也有不少研究指出融資約束對(duì)企業(yè)投資效率具有顯著影響。然而，鮮有學(xué)者在研究數(shù)字金融對(duì)企業(yè)融資約束影響后進(jìn)一步研究其對(duì)企業(yè)投資效率的影響。鑒于上述，本文將基于中小微企業(yè)視角，通過(guò)融資約束，研究數(shù)字金融對(duì)中小微企業(yè)的投資效率影響，同時(shí)基于股權(quán)異質(zhì)性與地區(qū)異質(zhì)性對(duì)企業(yè)投資效率進(jìn)行深入研究。3理論分析與研究假設(shè)3理論分析與研究假設(shè)在完美的資本市場(chǎng)環(huán)境中，企業(yè)將不受到融資約束，能夠順利進(jìn)行外部融資并將其所獲的的資本投入到能夠帶來(lái)收益投資項(xiàng)目上ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Modigliani</Author><Year>1958</Year><RecNum>44</RecNum><DisplayText><stylefont="PingFangSC">（</style>Modigliani和Miller<stylefont="PingFangSC">，1958）</style></DisplayText><record><rec-number>44</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618989728">44</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>FrancoModigliani</author><author>MertonH.Miller</author></authors></contributors><titles><title>TheCostofCapital,CorporationFinanceandtheTheoryofInvestment</title><secondary-title>TheAmericanEconomicReview</secondary-title></titles><periodical><full-title>TheAmericaneconomicreview</full-title></periodical><volume>48</volume><number>3</number><dates><year>1958</year></dates><isbn>0002-8282</isbn><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（ModiglianiandMiller，1958）。由于市場(chǎng)存在信息不對(duì)稱，外部投資者難以評(píng)估企業(yè)財(cái)務(wù)與經(jīng)營(yíng)狀況，致使交易成本增加，這導(dǎo)致企業(yè)受到較為嚴(yán)重的外部融資約束ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Myers</Author><Year>1984</Year><RecNum>48</RecNum><DisplayText><stylefont="PingFangSC">（</style>Myers和Majluf<stylefont="PingFangSC">，1984）</style></DisplayText><record><rec-number>48</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618997947">48</key></foreign-keys><ref-typename="JournalArticle">17</ref-type><contributors><authors><author>Myers,StewartC</author><author>Majluf,NicholasS</author></authors></contributors><titles><title>Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationthatinvestorsdonothave</title><secondary-title>Journaloffinancialeconomics</secondary-title></titles><periodical><full-title>Journaloffinancialeconomics</full-title></periodical><pages>187-221</pages><volume>13</volume><number>2</number><dates><year>1984</year></dates><isbn>0304-405X</isbn><urls></urls></record></Cite></EndNote>（MyersandMajluf，1984），投資支出可能更仰賴對(duì)內(nèi)部融資ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>Fazzari</Author><Year>1987</Year><RecNum>45</RecNum><DisplayText><stylefont="PingFangSC">（</style>Fazzari<stylefont="PingFangSC">，1987）</style></DisplayText><record><rec-number>45</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618992302">45</key></foreign-keys><ref-typename="Generic">13</ref-type><contributors><authors><author>Fazzari,Steven</author><author>Hubbard,RGlenn</author><author>Petersen,BruceC</author></authors></contributors><titles><title>Financingconstraintsandcorporateinvestment</title></titles><dates><year>1987</year></dates><publisher>NationalBureauofEconomicResearchCambridge,Mass.,USA</publisher><urls></urls></record></Cite></EndNote>（Fazzari，1987），企業(yè)無(wú)法達(dá)到最優(yōu)的投資水平與規(guī)模，企業(yè)非效率投資行為隨之產(chǎn)生ADDINEN.CITE<EndNote><CiteAuthorYear="1"><Author>李新剛</Author><Year>2020</Year><RecNum>46</RecNum><DisplayText><stylefont="PingFangSC">（</style>李新剛<stylefont="PingFangSC">，2020）</style></DisplayText><record><rec-number>46</rec-number><foreign-keys><keyapp="EN"db-id="e2vvxevxxe5frse9rt45fve7rpsrtv0rw0wv"timestamp="1618993578">46</key></foreign-keys><ref-typename="Thesis">32</ref-type><contributors><authors><author>李新剛</author></authors><tertiary-authors><author>向?yàn)槊?</author></tertiary-authors></contributors><titles><title>數(shù)字普惠金融發(fā)展對(duì)實(shí)體經(jīng)濟(jì)投資效率的影響</title></titles><keywords><keyword>數(shù)字普惠金融</keyword><keyword>投資效率</keyword><keyword>融資約束</keyword><keyword>PSTR</keyword></keywords><dates><year>2020</year></dates><publisher>重慶理工大學(xué)</publisher><work-type>碩士</work-type><urls></urls><remote-database-provider>Cnki</remote-database-provider></record></Cite></EndNote>（李新剛，20