Research On The Impact Of Digital Finance On Corporate Financializatio

In recent years,due to the rising profits of the financial sector,China’s economy has gradually shown a trend of " off the real to virtual",with a large amount of funds flowing from the real sector into the financial sector.At the micro level,it shows that the investment of real enterprises tends to be financial,and a large number of real enterprises reduce the proportion of industrial investment and turn to the financial industry.However,the excessive financialization of real enterprises is not only harmful to the long-term business operation,but also has a negative impact on the country’s real economic development.If no effective measures are taken,it is likely to cause hollowing out of industry and increase economic risks,thus hindering the accumulation and creation of national assets.Therefore,it is of great positive significance for the high-quality development of China’s economy to analyze the factors affecting the financialization of enterprises,take measures to effectively control the level of financialization of enterprises,and promote the return of finance to the track of serving the real economy.With the rapid development of information technology,the deep integration of Internet technology and the financial industry has led to the gradual formation of the digital financial ecosystem.The advancement and breakthrough of digital finance have promoted our financial development and expanded the coverage of financial services,allowing finance to serve the real economy better,and provide new development opportunities for enterprises.Big data,cloud computing and other information technologies provide financial institutions with powerful data analysis functions,enabling them to grasp the financing intentions of enterprises and reduce the information asymmetry between the two sides,thereby providing more financing channels for enterprises and effectively alleviating the problems of difficult and expensive financing.So does digital finance have an impact on the enterprise financialization? Is the impact of digital finance on enterprise financialization moderated by technological innovation and operational risk of enterprises? Examining these issues clearly is important to exploit the role of digital finance fully.This paper uses China’s A-share non-financial listed companies as the research object,selects relevant data from 2015 to 2020 as the research sample,and empirically tests the role of digital finance on enterprise financialization and the moderating role of technological innovation and operational risk through multiple regression models.Then further tests the research sample in groups to analyze the heterogeneity from three perspectives: enterprise size,type,and asset-liability ratio.The findings are as follows:(1)digital finance can significantly inhibit the level of enterprise financialization and play a positive role in promoting the development of the real economy;(2)after the moderating effect test,it is discovered that the technological innovation of enterprises can further enhance the inhibitory effect of digital finance on corporate financialization,the higher the level of technological innovation of enterprises,the greater inhibitory effect of digital finance on enterprise financialization;(3)it is found that operational risk weakens the inhibitory effect of digital finance on enterprise financialization,the higher the operational risk of enterprises,the weaker inhibitory effect of digital finance on enterprise financialization;(4)further grouping studies find that the inhibitory effect of digital finance on enterprise financialization is more significant in enterprises with larger scale,high-tech category and lower asset-liability ratio.Finally,based on the empirical results,this paper proposes countermeasures in terms of real enterprises and relevant government departments: real enterprises should strengthen the application of digital technology,seizing the opportunities brought by digital finance,increasing the investment in R&D and effectively control operational risk.The government and financial regulators should improve the financial market system,promoting the stable development of digital finance,and issue policies to stimulate enterprises technology innovation,as well as improve the relevant legal system.