【作者】 陈卓；

【导师】 左月华；

【作者基本信息】 华中科技大学 ， 金融（专业学位）， 2022， 硕士

【摘要】 提升制造业企业投资效率是全面贯彻新发展理念的必然要求。企业内外部信息不对称一直是导致非效率投资的顽固症结。科技浪潮新时代,科技与金融信息服务相融合的金融科技信息正在改写资本市场的信息传递链条。那么,这一新信息传递是否能降低资本市场的信息不对称,从而提升企业投资效率?金融科技信息具体又通过怎样的作用机制对企业投资效率产生影响?这一影响又存在哪些基于企业异质性的差异?本文以2011～2019年沪深A股制造业上市公司为研究对象,将金融科技信息纳入企业投资效率的分析框架中,并得到以下主要结论:(1)金融科技信息显著提高了企业投资效率,在使用同年度同行业其他公司金融科技信息均值作为工具变量缓解内生性问题后,结论仍稳健;(2)金融科技信息的作用机制一方面是通过降低内外部的信息不对称、缓解企业面临的融资约束而作用,另一方面则通过增强投资者的外部监督、降低股东与管理层之间及中小股东与大股东之间的代理成本而作用;(3)异质性分析表明,金融科技信息对投资效率的提升在非国有企业和高技术产业企业中更显著。本研究结论证实了金融科技信息对我国实体经济高质量发展有积极推动作用,为我国经济转型持续推进金融科技多元化发展战略的确定提供了理论和实证参考依据。更多还原

【Abstract】 Information asymmetry has always been a stubborn cause of inefficient investment.In the new era of science and technology wave,the financial information service industry is rewriting the information transmission chain of capital market.By revolutionizing how information is produced and delivered,market intelligence Fin Techs could help investors make better decisions by allowing them to sieve through the sheer quantity of information available.This dissertation examines the effect of market intelligence Fin Techs on the quality of corporate investment decisions.The final sample consists of 6781 firm-year observations of Chinese listed manufacturing firms from 2011 to 2019.This dissertation manually matches China’s Fin Techs Enterprise Database with CSMAR to measure Fin Techs coverage,and shows that greater Fin Techs coverage leads to higher total factor productivity within firms,a finding that is robust after using an instrumental variable approach.This dissertation further identifies that the positive effect of market intelligence Fin Techs on firm productivity emanates from its critical role in information distribution and external monitoring within more opaque and financially constrained firms and also firms with weaker management supervision.Furthermore,this dissertation explores the cross-sectional heterogeneity in the relation between Fin Techs coverage and firm productivity and finds that Fin Techs coverage has a more pronounced effect on productivity for non-state-owned firms and high-tech firms.Overall,this dissertation provides novel micro-level evidence to shed new light on the role of market intelligence Fin Techs within the real economy.This new evidence enhances the understanding of the favorable role of technological revolution to the capital market in driving corporate investment efficiency.更多还原