Research On The Impact Of Digital Transformation Of My Country's Manufacturing Enterprises On Financing Constraint

Since the 21st century,under the organic combination of digital technology and real economy,the digital transformation of enterprises has formed a new wave in the global scope.Under the "Made in China 2025" strategy,China is actively promoting the process of digital transformation of its manufacturing industry.Relevant data released by the National Bureau of Statistics show that the industrial value added of China’s manufacturing industry has been ranking higher in the world for many consecutive years.However,the credit support of commercial banks for the manufacturing industry is far from enough,and the strength and direction of financial support are in structural contradiction with the development of the manufacturing industry.In order to solve the problem of financing constraints of enterprises,the Government Work Report has repeatedly proposed that we should focus on real enterprises and pay attention to the financing problems of real enterprises.The 14th Five-Year Plan has put forward clear policy requirements,which are embodied in actively promoting the digital transformation of industry and comprehensively deepening the reform of financial system.Based on the policy background,this paper proposes "How does the digital transformation of manufacturing enterprises affect financing constraints?" The research framework of First of all,this paper conducts in-depth literature analysis and review on the economic consequences of digital transformation and the influencing factors of financing constraints.Based on the theories of information asymmetry,signal transmission,financing order,internal control and principal-agent,this paper proposes the core hypothesis that digital transformation of manufacturing enterprises can effectively reduce the financing constraints of enterprises through theoretical derivation.To explore the specific impact path from the perspective of analyst concern and internal control.Secondly,an empirical analysis model is built based on the research samples of listed manufacturing companies from 2007 to 2021.The empirical results verify the conclusion that digital transformation can directly reduce the financing constraints of enterprises,and can reduce the financing constraints by increasing the attention of analysts and improving the quality of internal control.Then,the robust test was carried out to avoid reverse causality,sample selection bias and missing variables.Further analysis shows that the digital transformation of manufacturing enterprises in the eastern region and capital intensive plays the best role,and the effect of reducing financing constraints is the best.Finally,based on the empirical results,this paper proposes countermeasures and suggestions to strengthen the policy support and supervision information disclosure system at the government level.At the enterprise level,this paper puts forward countermeasures and suggestions to seize digital opportunities,strengthen the ability of information circulation and cultivate digital talents.