Research On The Influence Of Interest Rate Liberalization On Enterprise Digital Transformation

Amidst policy-driven and digital economic growth,digital transformation has become the unavoidable means for businesses to stay abreast of the times and create something new.The digital economy’s development has been indispensable in the prevention and management of the unprecedented coronavirus epidemic,as well as the re-establishment of the real economy’s labor and production.However,enterprises face many problems such as financing constraints in the process of digital transformation.How to provide sufficient financial resources for enterprises has become an important path for enterprises to get out of the dilemma of digital transformation.Interest rate marketization,a "key" in the Chinese financial supply-side structural reform,has been identified as a significant element of how to effectively and judiciously apportion financial assets.Solving the quandary of corporate digital transformation is the answer.Consequently,delving deeply into how interest rate marketization can aid in the digital transformation of businesses is of utmost importance.The empirical results show that the reform of interest rate liberalization promotes the digital transformation of enterprises,and it is achieved by easing the financing constraints of enterprises.The heterogeneity study shows that the promotion effect of interest rate liberalization on enterprises’ digital transformation has a significant targeting in maturity period,but has no obvious bias to the property rights and technological attributes of enterprises.The research on the moderating effect finds that the increase of economic policy uncertainty and the development of direct financing have a negative moderating effect on the promotion of digital transformation of enterprises by interest rate liberalization.Through the fitting of interest rate liberalization and the development of fintech,greater microeconomic effects can be released.According to the research results,this paper puts forward reasonable suggestions from the government,financial institutions and enterprises.The possible innovation points of this paper are as follows: first,it makes a beneficial attempt to open up the mechanism of interest rate liberalization to promote the digital transformation of enterprises;Secondly,the life cycle view is introduced to identify the heterogeneity of the effect of interest rate liberalization on enterprises’ digital transformation.Thirdly,it explores the moderating effect of direct financing,fintech development and economic policy uncertainty,and interprets how interest rate liberalization in the new era and new business forms explores a new path to support the innovation and transformation of micro entities.This study makes a useful attempt to expand the research scope of digital transformation and provides a new perspective for in-depth exploration of the relationship between interest rate liberalization and microeconomic subject behavior.