Research On The Impact Of The Digital Finance On Enterprises’ Financialization

In recent years,the growth of the real economy has slowed down,but the development of the financial industry has become more prosperous.After the financial crisis in 2008,China’s financial process has entered a period of rapid expansion and rapid development.More and more companies have allocated financial assets,and the proportion of financial assets held by enterprises has become higher and higher.Enterprises holding short-term financial assets for the purpose of prevention and saving can smooth the fluctuations of enterprise investment and provide guarantee for production investment.However,enterprises holding financial assets for the purpose of pursuing profits can "crowd out" industrial investment and damage the future main business performance of enterprises.Moreover,the high risk of the financial market will improve the level of enterprise risk and hinder the high-quality development of the real economy.In the digital era,the combination of traditional finance and digital technology has promoted the development of digital finance.Digital finance can pool financial resources,reduce the threshold of financial services,and increase the availability of financial services.It plays an important role in improving enterprise financing difficulties and reducing financing costs,and provides power for enterprises’ main production.Therefore,it is worth discussing whether digital finance can significantly inhibit the financial behavior of enterprises? If the answer is yes,what kind of motivation does it affect the enterprise financialization? What are the internal mechanisms and differences? What economic consequences will digital finance bring to enterprise operation? A thorough clarification of the above issues is of great theoretical and practical significance for accurately assessing whether digital finance can become a driving force to promote the sustainable development of enterprises,accelerating the realization of the main goals of "deepening financial system reform and enhancing financial services for the real economy" during the "Fourteenth Five Year Plan" period,building a "digital China" as required in the report of the Twentieth National Congress of the Communist Party of China,and accelerating the realization of an economic growth model with high-quality economic development.For this reason,this paper reveals the capital financialization essence of enterprise financialization,analyzes the dual attributes of digital finance as financial capital,and then theoretically discusses the theoretical mechanism of digital finance inhibiting enterprise financialization through sorting out existing literature and combining with Marxist political economy theory;Secondly,this paper selects panel data of non-financial listed companies from2011-2021,cites the China Digital Inclusive Finance Index released by the Internet Finance Research Center of Peking University,and uses financial assets held by enterprises,long-term financial assets and short-term financial assets as proxy variables to empirically test the impact of digital finance on enterprise financialization,After passing the robustness test,we further tested the mesomeric effect of its impact mechanism.In addition,this article further analyzes whether there are differences in the impact of digital finance on corporate financialization based on enterprise level,financial environment,and industry environment,as well as the economic effects this impact brings to enterprises.The main research conclusions of this thesis are as follows: First,digital finance significantly inhibits the financial behavior of enterprises,mainly inhibiting the financial behavior of enterprises holding long-term financial assets for profit motive.After considering a series of robustness tests such as replacing explanatory variables,replacing core explanatory variables,eliminating special samples and endogenous treatment,the basic conclusions are still stable,and the impact mechanism test found that,The restraining effect is mainly realized by easing the financing constraints of enterprises,narrowing the difference between financial and entity investment returns,and promoting entity investment.Secondly,through grouping regression,this thesis finds that digital finance has a more significant impact on promoting private enterprises,small and medium-sized enterprises,high-tech enterprises and enterprises in regions with strong bank competitiveness.For the impact on the external environment,this thesis uses the regulatory effect model to find that in regions with higher financial marketization and better financial supervision,digital finance has played a stronger inhibitory effect,and can break through industry monopoly,In industries with stronger monopoly,it shows stronger inhibition on enterprise financialization.Third,the expansion analysis shows that the inhibition of digital finance on enterprise financialization is the inhibition of enterprises’ holding of financial assets for the purpose of "pursuing profits".This inhibition further improves the profitability of enterprises’ main business in the future and reduces the business risk of enterprises.The inhibition of digital finance on enterprise financialization can help enterprises avoid "hollowing out" and "disenchantment from reality",and help enterprises develop healthily and sustainably.Based on the above conclusions,this thesis is to strengthen financial supervision and enhance the sustainability of digital finance development;Improve financial marketization reform and enhance digital financial service capability;Relevant policy suggestions were put forward in terms of focusing on "guiding according to the situation" and guiding enterprises to return to physical production.