Abstract: Taking Shanghai and Shenzhen A-share listed companies from 2011 to 2022 in China as samples, this paper empirically analyzes the effect mechanism of digital financial development on corporate rent-seeking expenditure. The research finds that: (1)The development of digital finance inhibits the rent-seeking motive of enterprises by exerting resource effect and governance effect, mainly by improving the availability of bank credit resources, strengthening the supervision and incentive of enterprise internal management, and alleviating enterprise business risks. (2)Heterogeneity analysis shows that for small-scale and private enterprises, enterprises in areas with small-scale bank credit or weak financial supervision, and enterprises facing policy uncertainty, the rent-seeking inhibition effect of digital financial development will be stronger. (3)The improvement of the legal environment and the development of digital finance will form a collaborative governance of corporate rent-seeking, and the two are complementary. This paper studies the inhibition effect of digital finance on corporate rent-seeking, deepens the inducing mechanism and governance path of corporate rent-seeking behavior from the perspective of external financial environment, and provides an important reference for promoting the collaborative governance of the legal environment and the financial environment.

Key words: Digital Finance, Corporate Rent-seeking, Bank Credit Availability, Governance Mechanism, Risk Avoidance

摘要： 以2011—2022年沪深A股上市企业为样本,实证分析数字金融发展对企业寻租的作用机制,研究发现:(1)数字金融的资源效应与治理效应会抑制企业寻租,具体通过提升企业银行信贷可得性、强化企业管理层监督与激励以及缓解企业经营风险来实现;(2)对于小规模企业、民营企业、处于银行信贷规模较小或金融监管较弱地区的企业以及面临政策不确定性的企业,数字金融的寻租抑制效应会更强:(3)数字金融发展与法治环境改善对企业寻租形成协同治理,二者之间呈现互补关系。本文从外部金融环境视角深化了企业寻租的诱发机制与抑制路径,为推动法治与金融环境改善对企业寻租的协同治理提供重要参考。

关键词: 数字金融, 企业寻租, 银行信贷可得性, 治理机制, 风险规避