数字经济影响企业信用风险的效应及路径

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Abstract Preventing corporate credit risk is an important prerequisite for maintaining local financial order and building a modern economic system. As a new form of economy, digital economy provides new idea for preventing and resolving corporate credit risks. Based on China's A-share listed companies at Shanghai and Shenzhen stock markets from 2012 to 2018, this paper explores the internal mechanism and impact of digital economy on corporate credit risks. The findings show that the development of digital economy significantly reduces corporate credit risks. The study of the ways of impact reveals that digital economy reduces corporate credit risk from two aspects. On the one hand, it enhances the repayment ability of enterprises by total factor productivity. On the other hand, it makes executives more willing to repay loans by reducing asymmetric information. Regional credit environment plays a regulatory role when digital economy impacts corporate credit risks. The further relevant research indicates that the development of digital economy has more significant effect on reducing corporate credit risks in industries with surplus production capacity, and that it can contribute to supply-side structural reform by reducing short-term pain. However, the lower level of digital governance of local governments prevent digital economy from giving full play to its ability in reducing corporate credit risks.

Key words： digital economy credit risk total factor productivity information asymmetry regional credit environment

Received: 08 July 2021

PACS:

F124.3

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	Articles by authors
	GUO Ji-tao
	ZHU Yi-xin

Cite this article:

GUO Ji-tao,ZHU Yi-xin. The Impact of Digital Economy on Corporate Credit Risks[J]. , 2021, 38(6): 69-80.

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https://xb.szu.edu.cn/EN/ OR https://xb.szu.edu.cn/EN/Y2021/V38/I6/69

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