Digital Finance And Corporate Debt Default

In recent years,the "new crown" epidemic has raged,and the downward pressure on the domestic and foreign economies has been increasing day by day.The "default wave" since 2014 has made corporate debt default a serious problem that hinders the healthy and orderly development of my country’s economy.At the same time,with the introduction of the "Digital China" strategy,cutting-edge information technologies such as big data,cloud computing,artificial intelligence,and blockchain continue to emerge,which has greatly promoted the vigorous development of my country’s digital inclusive finance.In order to meet the needs of the development of the financial market,enterprises have accelerated their digital transformation,which has greatly increased the availability of corporate finance,reduced their financing costs,eased internal agency conflicts,and improved their business performance.Therefore,it is of great and far-reaching significance to study whether and how the development of digital financial inclusion affects corporate debt default.Based on the sample data of my country’s Shanghai and Shenzhen A-share listed companies from 2011 to 2020,and matching the digital inclusive finance development index at the provincial level in my country,this paper deeply examines local figures from the perspectives of business performance,agency conflicts and financing costs.The impact of financial development level on the debt default of local enterprises;in the extended research,the heterogeneity of the local digital financial development level on the debt default of local enterprises is further analyzed from three aspects: the nature of equity,the integration of two functions and the concentration of equity..The research results show that:(1)the development of local digital finance has greatly alleviated the debt default problem of local enterprises,that is,the development level of local digital finance is significantly negatively correlated with the debt default of local enterprises;(2)business performance,agency costs and financing costs of enterprises It has played a significant intermediary effect in the impact of the development level of local digital finance on the debt default of local enterprises;(3)In the extended research,it is also found that the impact of local digital finance development level on local enterprise debt default is heterogeneous,that is,the impact of local digital finance development level on local enterprise debt default is more in non-state-owned enterprises and the separation of the two positions.Among enterprises and enterprises with more concentrated equity,among state-owned enterprises,dual-employment enterprises,and enterprises with more dispersed equity,the impact of local digital finance development on the default of local enterprises is not significant.The development of digital finance is closely related to the production and operation,investment and financing decisions,and future strategic planning of Chinese enterprises.It will promote the healthy and orderly development of my country’s real economy in an all-round and multi-field manner.In order to adapt to the new development requirements of the financial market,enterprises accelerate It is imperative to promote digital transformation and upgrading.