The Influence Of Digital Finance On Enterprise Financialization

In recent years,due to the rapid development of new network information technology,digital finance,a new type of Finance produced by its deep integration with digital finance,has increasingly affected all fields of the real economy.Grasping the development opportunities of digital finance and comprehensively grasping the initiative of financial development is of great significance to promote the sound and rapid development of the real economy.The 14 th five year plan also emphasizes the importance of "steadily developing financial technology and accelerating the digital transformation of financial institutions".At the same time,the investment behavior of enterprises is more and more slow in the field of finance,that is,the investment behavior of enterprises is more and more slow in the field of finance.Therefore,how to deal with the increasingly serious financial trend of entity enterprises is an important challenge facing China.From the perspective of digital finance,this paper studies the impact of digital Finance on enterprise financialization and its mechanism,in order to provide scientific guidance and suggestions for the government to develop digital financial technology,and has reference significance for the prosperity of real enterprises.Using the data of measuring digital Finance released by the digital Inclusive Finance Research Center of Peking University and combined with the financial data of China’s A-share listed entity enterprises,this paper empirically explores the potential relationship between digital finance and enterprise financialization.Compared with the current research,the complementarity of this paper is mainly reflected in the following aspects: firstly,this paper discusses the direction and size of the role between digital finance and enterprise financialization,and makes further analysis according to the different regions of enterprises and the nature of ownership;Secondly,it studies the channels between the two,and tests them from two channels: financial management expenses and financing constraints;Finally,the robustness of the above research conclusions is tested to make the conclusions more convincing,and targeted suggestions are put forward according to the relevant conclusions.The results show that digital finance has a significant inhibitory effect on the financialization of enterprises,which can be realized by reducing financial management costs and financing constraints.Further research shows that compared with state-owned enterprises and enterprises in economically underdeveloped areas,digital finance has a stronger inhibitory effect on the financialization of private enterprises and enterprises in economically developed areas.Based on the above conclusions,continue to strengthen the support for digital finance,and give full play to the supporting role of artificial intelligence,big data and other Internet technologies in the development of digital finance.The government and other relevant departments should also formulate corresponding laws and regulations to ensure the healthy development of digital finance.At the same time,we should give preferential policies to the central and western regions in the development of digital finance,constantly improve the development level of digital finance in the central and western regions,and give better play to the supporting role of digital finance in the real economy.