Whether The Development Of Digital Economy Will Promote The Financialization Of Physical Enterprises

In recent years,China’s real economy has continued to be sluggish,and the financial industry and other virtual economy fields have attracted more investors’ attention with their excess returns.Under the increasingly severe and complex new international situation,the digital economy is a new driving force for economic development,and is becoming a key force for reorganizing global factor resources and changing the global competition pattern.In this context,this paper takes the A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 as the research object,and studies the relationship between the digital economy and the development of the real economy from the micro perspective of enterprise financialization.Firstly,based on the existing research results of digital economy and enterprise financialization,this paper puts forward a competitive hypothesis that the digital economy may promote or inhibit the financialization of enterprises.Then,this paper constructs the index system of digital economy development index based on the perspective of input and output,uses the entropy value method to calculate the digital economy index at the provincial level in China,and uses the financial asset ratio method to calculate the financialization level of enterprises.Then,the multiple regression model is used to perform benchmark regression,and the robustness of the regression results is verified by replacing variables,considering the influence of lag,adding control variables,deleting the end sample,and exogenous shock test,and using the fixed-effect model and instrumental variable method to consider the endogenous problems of this paper.Finally,this paper further uses group regression to test the heterogeneity characteristics of the digital economy affecting the financialization behavior of enterprises,and studies the impact mechanism and economic consequences of the digital economy on the financialization behavior of enterprises based on the mediation effect model.The empirical research results show that:first,the development of digital economy will significantly promote the financialization of real enterprises;Second,the role of the digital economy in promoting the financialization of real enterprises is significant among enterprises in the central and western regions,enterprises with a high degree of financing constraints,and enterprises with fierce market competition in their industries.Third,within enterprises,the development of digital economy will increase agency costs,aggravate management opportunistic behavior,and promote financial asset allocation by enterprises.Fourth,the development of the digital economy will produce the economic effect of increasing the market value of enterprises and crowding out the performance of the main business by promoting the financialization of enterprises.Therefore,in order to enable real enterprises to better enjoy the dividends brought by the development of digital economy,this paper suggests that enterprises should conform to the trend of digital transformation,establish and improve the application mechanism suitable for the development of digital economy,strengthen the internal governance of the company,and improve the level of internal control and risk management.In the context of vigorously developing the digital economy,the government has promoted the process of digital industrialization and industrial digitization,continued to promote the reform and innovation of the financial industry,optimized the development environment of the real economy,strengthened financial supervision,and guided the capital flow to the real economy sector.