Research On The Impact Of Digital Finance On The Level Of Corporate Risk-taking

China’s economy has shifted from the stage of high-speed growth to the stage of high-quality development,finance as the bloodline of the real economy,should serve to build a new development pattern,to promote high-quality development to contribute to the financial due force.Faced with the high threshold of traditional financial services,corporation generally face the problem of difficult and expensive financing.The emergence and development of digital finance has given full play to the advantages of "low cost,fast speed and wide coverage",complementing the shortcomings of traditional finance,breaking through time and space restrictions,and providing new impetus for the development of the real economy.The development of digital finance and the development of corporate business have some kind of correlation,which has attracted a lot of attention from the academic and practical circles.This thesis studies the basic characteristics and process of the influence of digital finance on the level of corporate risk-taking based on the role of digital finance.By combing through the existing literature,with the help of theoretical analysis and current development research,this thesis argues that the path of digital finance development on the level of corporate risk-taking proceeds along the following way.First,"digital finance-financing constraints-the level of corporate risk-taking";second,"digital finance-cost of debt financing-the level of corporate risk-taking".On this basis,this thesisr incorporates digital finance into the empirical research framework of the level of corporate risk-taking and empirically analyzes the impact and mechanism of digital finance on the level of corporate risk-taking using two-way fixed-effects model and mediating-effects model based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 and Peking University Digital Finance Index.Further,this thesis investigates the heterogeneity of regional and industry differences on the impact of digital finance on the level of corporate risk-taking.According to the empirical findings,the following conclusions are drawn:(1)the development of digital finance can significantly increase the level of corporate risk-taking;(2)the mediating effect of digital finance on the level of corporate risk-taking through financing constraints and debt financing costs is significant;(3)there are regional and industry differences in the impact of digital finance on the level of corporate risk-taking.Specifically,compared with the central and western regions,the eastern region has more financial resources endowment and more complete digital infrastructure construction,and the development of digital finance enhances the level of corporate risk-taking located in the eastern region;compared with the non-manufacturing industry,the impact of digital finance on the level of manufacturing corporate risk-takingis more significant.The findings of this thesis enrich the research results related to digital finance to enhance the level of corporate risk-taking and provide a theoretical basis for how the financial system can better serve the real economy on the basis of enhancing the level of corporate risk-taking.