数字技术与经济金融学术午餐会（第5期）

Abstract:

Can digital finance improve the performance of enterprises, and does both small and large enterprises benefit from such technological progress? Based on the national tax survey data, this paper analyzes the impact of digital finance on the firm's performance and explores the asymmetric effect of digital finance on enterprises of different scales. Firstly, based on a fintech index developed by PKU and a policy that aims at enhancing financial technology, we implement both an OLS regression and a difference-in-difference model, to study whether digital finance can improve the performance of enterprises. Secondly, our findings suggest that digital finance has an asymmetric effect on improving firm performance; specifically, SMEs benefit from digital finance, while large enterprises suffer. Finally, we show that SMEs benefit more from digital finance in the competitive industry, while the performance of large enterprises decreases due to competition; besides, our findings suggest that digital finance increases enterprises' financing, capital investment, and R&D investment, therefore enhancing enterprises' performance; furthermore, our evidence demonstrates that the positive effect of digital finance on R&D and human capital investment is stronger among SMEs, which helps to explain the asymmetric impact of digital finance on improving enterprises' performance. To sum up, this study explores whether and how digital finance improves enterprises' business performance and sheds light on the direction of subsequent digital finance development and policy formulation.

主讲人介绍：

许泳昊，中南财经政法大学金融学院讲师。北京大学数学科学学院数学与应用学学士，北京大学国家发展学院经济学学士，北京大学光华管理学院金融博士。2021年博士毕业后入职中南财经政法大学担任金融学院讲师。主要研究专注于研究金融科技、行为金融学、家庭金融和资产定价，主要研究成果在Economics Letters发表和被《管理世界》接收。