Digital finance and enterprise financing constraints: Structural characteristics and mechanism identification

被引：86
|
作者：
Li, Chengming [1 ,2 ]
Wang, Yilin [3 ]
Zhou, Zhihan [4 ]
Wang, Zeyu [5 ]
Mardani, Abbas [6 ]
机构：
[1] Minzu Univ China, Sch Econ, Beijing 100081, Peoples R China
[2] Minzu Univ China, China Inst Vitalizing Border Areas & Enriching Peo, Beijing 100081, Peoples R China
[3] Postdoctoral Res Ctr, Ind & Commercial Bank China, Beijing 100032, Peoples R China
[4] China Secur Co Ltd, Res Dept, Beijing 100010, Peoples R China
[5] Guangzhou Univ, Sch Publ Adm, Guangzhou 510006, Guangdong, Peoples R China
[6] Worcester Polytech Inst, Business Sch, Worcester, MA 01609 USA
来源：
JOURNAL OF BUSINESS RESEARCH | 2023年 / 165卷
基金：
中国国家自然科学基金;
关键词：
Digital finance; Financing constraint; Information asymmetry; Financial friction; Total factor productivity; INNOVATION; CASH;
D O I：
10.1016/j.jbusres.2023.114074
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using the panel data of A-share listed companies from 2011 to 2020, we demonstrate that the WW index can characterize the level of enterprise financing constraints in China more effectively. We investigate the effect of regional digital finance (DF) development on enterprise financing constraints. This study found that DF can significantly alleviate enterprise financing constraints, and the effect is greater for small and medium-sized enterprises (SMEs) and private enterprises. DF can partially correct the size discrimination and ownership discrimination of traditional finance on private SMEs, as well as the mismatch of financial resources. Further, the results revealed that DF can alleviate information asymmetry in the securities market and between banks and enterprises and improve the external financing capabilities of enterprises. Moreover, DF can increase the en-terprise's total factor productivity (TFP) and optimize the internal financing capacity of enterprises. Overall, DF will significantly ease enterprise financing constraints.
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页数：13
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