融资约束下金融科技对投资和公司价值的影响

融资约束与非效率投资限制了公司价值的增长。针对这一问题，以地区金融科技的发展对融资约束企业的投资行为和公司价值的影响为切入点，通过构造PVAR模型研究变量之间的动态关系。选取2011-2020年中国沪深交易所上市公司的数据进行了融资约束划分后，最终确定362家上市公司作为研究对象。SGMM回归结果表明，金融科技的发展在短期内能够缓解企业的融资约束程度，促进投资的发生，缓解投资不足的现象,进一步提升公司价值。通过脉冲响应函数分析可知，金融科技的发展对企业价值的影响是动态变化的，从长期的影响来看这可能是一把双刃剑；金融科技会通过缩短融资约束企业的投资滞后期数，促进企业投资效率和公司价值的提升。

Influence of Fintech on Investment and Firm Value under Financing Constraints

Financing constraints and non-efficiency investments have limited the growth of firm value. In order to deal with this issue, the impact of the development of regional Fintech on the investment behavior and firm value of financing-constrained firms is used as an entry point to study the dynamic relationship between variables by constructing a PVAR model. After selecting the data of listed companies on the Shanghai and Shenzhen exchanges in China from 2011 to 2020 for the division of financing constraints, 362 listed companies were finally identified as research subjects. According to the SGMM regression results, the development of Fintech can alleviate the degree of financial-constraint companies in the short term, promote the occurrence of corporate investment, alleviate the phenomenon of underinvestment, and further enhance the value of the company. The impulse response function analysis shows that the impact of Fintech development on enterprise value is dynamic and may be a double-edged sword in terms of the long-term impact path. Fintech will promote the efficiency of corporate investment and company value by reducing the lag time of investment in financing-constrained companies.