【作者】 李晶；

【导师】 许东海；

【作者基本信息】 河北师范大学 ， 金融硕士（专业学位）， 2025， 硕士

【摘要】 制造业作为实体经济的核心,对国家经济具有至关重要的影响,是立国和强国的关键支柱。二十大报告重点强调了实体经济的重要性,并指出加快建设制造强国。随着全球化和数字化的不断推进,制造业面临着前所未有的转型压力和发展机遇,研究如何保证制造业企业的健康发展,降低制造业企业面临的财务风险具有重要意义,在此背景下,数字金融的崛起为制造业的高质量发展提供了新的动力。数字金融通过大数据、区块链等智能技术为企业分析并降低财务风险提供了更加便捷、更加科学的途径。因此,研究数字金融对制造业企业财务风险的影响以及传导机制具有重要现实意义。为研究数字金融对制造业企业财务风险的影响机制,本文先是梳理了国内外主要研究文献,归纳总结了相关概念和研究理论,搜集数字金融和制造业企业财务风险的相关数据进行了现状研究。在此基础上,本文提出了主要研究假设:一是数字金融发展水平的提升能够显著降低制造业企业财务风险;二是数字金融能够通过缓解企业融资约束和减少代理成本这两大途径,有效发挥其对制造业企业财务风险的作用;三是金融监管强度能够正向调节数字金融对制造业企业财务风险的作用机制,区域创新能力对数字金融影响制造业企业财务风险的作用机制具有反向调节作用。同时,本文以2014-2023年沪深A股制造业企业为研究对象,采用北京大学数字普惠金融省级指数衡量数字金融指标,构建双向固定效应模型,采用实证分析法来检验数字金融与制造业企业财务风险的相关研究假设,进一步从企业所属地区、企业要素密集度和企业规模三个角度对样本进行划分,以探究数字金融对制造业企业财务风险的影响差异,同时引入金融监管强度和区域创新能力,探究二者对数字金融降低制造业企业财务风险的调节机制;最后,基于上述得出实证结论并提出相关对策建议。本研究得出以下主要结论:第一,随着数字金融的推进,制造业企业财务风险得到了有效的缓解;第二,数字金融对制造业企业财务风险的作用,一方面能够通过缓解企业融资约束得以实现,另一方面可以通过减少代理成本来实现。第三,金融监管对数字金融降低制造业企业财务风险具有正向调节作用;第四,区域创新能力对数字金融降低制造业企业财务风险具有反向调节作用;第五,数字金融对制造业企业财务风险的影响因地区、企业规模和要素密集度而异。更多还原

【Abstract】 Manufacturing industry is the foundation of the real economy and is crucial to the national economy.It plays a vital role as the cornerstone of the nation and the basis for strengthening the country.The report from the 20th National Congress underscores the critical role of the real economy and highlights the urgency to accelerate the development of a strong manufacturing sector.With the continuous advancement of globalization and digitalization,the manufacturing industry is facing unprecedented transformational pressures and development opportunities.Studying how to ensure the healthy development of manufacturing enterprises and reduce the financial risks they face is of great significance.Against this backdrop,the rise of digital finance provides new impetus for the high-quality development of the manufacturing industry.Digital finance uses technologies like big data and blockchain,offers more convenient and scientific ways for enterprises to analyze and reduce financial risks.Therefore,studying how digital finance affects manufacturing firms’financial risks and its pathways is highly relevant.To study how digital finance influences financial risks in manufacturing firms,this paper first reviews the main research literature at home and abroad,summarizes relevant concepts and research theories,and collects data on digital finance and manufacturing firms’financial risks for a current situation study.On this basis,this paper proposes the main research hypotheses:First,the improvement of the development level of digital finance can significantly reduce the financial risks of manufacturing enterprises;second,digital finance can lower financial risks in manufacturing firms through two main ways:reducing financing constraints and agency costs of enterprises;third,stronger financial oversight can enhance the way digital finance influences the financial risks of manufacturing firms,while regional innovation capacity has a negative moderating effect on this mechanism.This research examines manufacturing companies on the Shanghai and Shenzhen A-share markets between2014 and 2023.It utilizes the provincial-level Digital Financial Inclusion Index from Peking University to assess digital finance metrics and establishes a dual fixed-effects model.An empirical approach is applied to investigate the connection between digital finance and financial risks in these firms.Further,the samples are categorized based on three factors:the location of the enterprise,the intensity of enterprise factor input,and the scale of the enterprise,to examine how digital finance differently affects financial risks in manufacturing firms.At the same time,the intensity of financial regulation and regional innovation capacity are introduced to explore their moderating mechanisms for lowering financial risks in manufacturing firms.by digital finance.Finally,based on the above empirical conclusions,relevant recommendations are put forward.The research conclusions of this paper include:First,digital finance plays a key role in lowering financial risks for manufacturing companies;second,digital finance helps reduce financial risks in manufacturing firms by easing financing constraints and lowering agency costs;third,financial regulation strengthens how digital finance lowers financial risks in manufacturing firms;fourth,regional innovation capacity has a negative moderating effect on this mechanism;fifth,the influence of digital finance on financial risks in manufacturing firms varies by region,enterprise scale,and factor intensity.更多还原