Abstract: In view of the current situation of high corporate leverage and structural distortion, this paper takes Shanghai and Shenzhen A-share listed companies as the research object, and systematically discusses the structural deleveraging effect of digital finance. It is found that digital finance can promote corporate structural deleveraging. The mechanism test finds that digital finance can help corporate structural deleveraging by easing corporate financing constraints, reducing corporate financing costs, and improving the efficiency of capital allocation. Heterogeneity analysis shows that: From the ownership perspective, digital finance can significantly promote the structural deleveraging of non-state-owned enterprises; From the industry perspective, digital finance can significantly promote the structural deleveraging of non-manufacturing enterprises; From the perspective of regulatory intensity, strong financial regulatory measures can promote the effect of structural deleveraging of digital finance; In addition, digital finance can also help reduce the level of business liabilities. The research conclusions of this paper provide useful references for promoting the digital transformation of the financial industry and assisting the structural deleveraging of enterprises.

Key words: Digital Finance, Structural Deleveraging, Financial Regulation, Financial Risk

摘要： 针对企业杠杆高企与结构性扭曲的现状,本文以沪深A股上市企业为研究对象,系统探讨了数字金融所具有的结构性去杠杆效应。研究发现,数字金融能够促进企业结构性去杠杆。机制检验发现,数字金融可以通过缓解企业融资约束、降低企业融资成本、提高资本配置效率的途径助力企业结构性去杠杆。异质性分析表明:基于所有制视角,数字金融能够显著促进非国有企业结构性去杠杆;基于行业视角,数字金融能够显著促进非制造业企业结构性去杠杆;基于监管强度视角,有力的金融监管举措能够促进数字金融发挥结构性去杠杆的成效;另外,数字金融亦有助于降低企业经营负债的水平。本文研究结论为推进金融业数字化转型、助力企业结构性去杠杆提供了有益参考。

关键词: 数字金融, 结构性去杠杆, 金融监管, 金融风险