Can Network Infrastructure Construction Alleviate Corporate Financing Constraints?
A Quasi-Natural Experiment Based on "Broadband China
DOI:
https://doi.org/10.54097/fbem.v4i1.505Keywords:
Network infrastructure construction, Financing constraints.Abstract
T The construction of network infrastructure is conducive to promoting enterprises to ease financing constraints, which is of great practical significance for optimizing the allocation efficiency of enterprise factors and promoting high-quality economic development. Based on the perspective of information asymmetry, taking the "Broadband China" pilot as a natural experiment, using the data of Chinese listed companies from 2009 to 2020, and using the multi-period double difference method to empirically test the impact of network infrastructure construction on the constraint level of enterprise financing and verify its internal mechanism. The study found that the construction of network infrastructure helps to alleviate the financing constraint level of enterprises. Heterogeneity analysis shows that the policy significantly alleviates the financing constraints of large-scale enterprises, but the impact on small and medium-sized enterprises is not significant. The conclusions of this paper not only broaden the perspective of "new infrastructure" research, but also provide reliable empirical evidence and policy implications for the impact of network infrastructure construction on micro-enterprise behavior.
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