【摘要】 以2011—2020年沪深A股上市公司数据为样本，采用面板固定效应模型，实证研究企业财务柔性、区域数字金融发展对融资约束的影响以及区域数字金融发展对企业财务柔性与融资约束关系的调节效应。结果表明：前者具有显著负向影响；后者具有正向调节作用。异质性分析结果表明：财务柔性对融资约束的负向影响以及上述正向调节作用在非国有企业、小规模企业、高新技术企业中更加显著；区域数字金融发展对融资约束的负向影响在国有企业、大规模企业、非高新技术企业中更加显著。该研究结论扩展了融资约束的前因与机理研究，为缓解企业融资约束提供了理论依据、经验证据与行动方向。更多还原

【Abstract】 Based on the data sample of 2011—2020 Shanghai and Shenzhen A-share listed companies, the fixed effect panel model is used to empirically study the impact of enterprise financial flexibility and regional digital finance development on financing constraints, and the moderating effect of regional digital finance development on the relationship between enterprise financial flexibility and financing constraints. Results show that financial flexibility and regional digital financial development have significantly negative effects on financing constraints, and the development of regional digital finance has a positive moderating effect on the relationship between financial flexibility and financing constraints. The results of heterogeneity analysis show that the negative impact of financial flexibility on financing constraints and the positive moderating effect of regional digital financial development on the relationship between financial flexibility and financing constraints are more significant in non-state-owned enterprises, small-scale enterprises, and high-tech enterprises. However, the negative impact of regional digital financial development on financing constraints is more significant in state-owned enterprises, large-scale enterprises, and non-high-tech enterprises. This research conclusion extends the research on the antecedents and mechanisms of financing constraints, and provides theoretical basis, empirical evidence and direction for relieving corporate financing constraints.更多还原