How Digital Finance Can Alleviate Financing Constraints for Enterprises: A Discussion Based on Data from Listed Companies

Hefeng Xu

doi:10.54097/j8mhhj97

Authors

Hefeng Xu

DOI:

https://doi.org/10.54097/j8mhhj97

Keywords:

Digital finance, financing constraints, high-tech certification, two-way fixed effects.

Abstract

This article is based on the demand of China's transition from virtual to real, and combined with the current background of encouraging financial services for the development of the real economy, explores the impact of digital finance on corporate financing constraints. On the basis of theoretical analysis of the transmission mechanism and path of the impact of digital finance on corporate financing constraints, further utilizing econometric models and methods such as the bidirectional fixed effects model, by matching the data of listed companies from 2015 to 2020 with the digital inclusive finance index, empirical testing of the mechanism path of the impact of digital finance on corporate financing constraints. Research has shown that digital finance can alleviate corporate financing constraints in terms of coverage, depth of use, and degree of digitization; This mitigation effect shows heterogeneity among enterprises in different regions and industries.

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