| Under the complex background of global COVID-19 impact and China’s economic transformation and upgrading,how to promote stable economic development has become a new era topic.Listed companies,as the main participants in China’s financial market,ensure the normal operation of the macro economy and play an important role in promoting national economic development.Digital finance,based on emerging digital technologies,provides new solutions for the growth difficulties faced by enterprises,and is of great significance for enterprises to achieve their own development.The empirical research selects listed companies on the Shanghai and Shenzhen stock markets from 2011 to 2020 as the research objects,and uses the multi factor analysis method to construct a comprehensive evaluation index system for enterprise growth.This measures the growth of enterprises,and examines the impact and internal mechanism of digital finance development on enterprise growth through a year industry bidirectional fixed effect model.Research has shown that the development of digital finance can effectively promote enterprise growth.Through intermediary mechanism testing,it can be concluded that the development of digital finance mainly promotes enterprise growth by alleviating financing constraints and reducing financial risks.The results of heterogeneity analysis show that the effect of digital finance development on promoting corporate growth varies among enterprises with different property rights and regions.Therefore,enterprises should maximize and reasonably utilize the "dividends" brought by digital finance.Enterprises with different property rights should choose differentiated digital financial services and products based on their own development characteristics.The government should vigorously encourage the development and application of digital finance,deepen market mechanism and financial system reform,promote the standardized development of the financial market,and do a good job in regulating digital finance and strengthening the construction of the regulatory system. |
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