【摘要】 数字经济是推动我国经济高质量发展的新动能，从实体企业金融化的角度出发，基于云南省2011——2019年沪深A股上市公司面板数据，运用主成分分析法构建城市数字经济水平综合指标，利用固定效应模型和中介效应模型，实证考察云南省地级市数字经济水平金融化效应及作用机制。研究发现数字经济发展对实体企业金融化具有正向影响。结果表明数字经济通过融资约束促进企业金融化，异质性分析发现数字经济发展对高新技术企业过度金融化表现出治理效应，对非高新技术企业金融化体现促进作用。更多还原

【Abstract】 The digital economy is a new driving force to promote the highquality development of China’s economy.From the perspective of the financialization of real enterprises, based on the Panel data of Shanghai and Shenzhen A share listed companies in Yunnan Province from 2011 to 2019,this paper uses the principal component analysis to build a comprehensive indicator of the level of ur-ban digital economy, and uses the fixed effect model and the Mesomeric effect model to empirically examine the financialization effect and mechanism of the level of digital economy in prefecture level cities in Yunnan Province.Research has found that the development of the digital economy has a positive impact on the financialization of physical enterprises.The results indicate that the digital economy promotes corporate financialization through financing constraints.Heterogeneity analysis shows that the development of the digital economy has a governance effect on the excessive financialization of hightech enterprises, and a promoting effect on the financialization of non high-tech enterprises.This study expands the research on the driving factors of enterprise financialization and provides a theoretical basis for risk prevention in the development of the digital economy and reasonable control of entity enterprise financialization.更多还原