Research On The Influence Of Digital Finance On The Investment Efficiency Of Private Enterprises Under The Regulation Of Social Responsibility

Under the background of scientific and technological revolution and industrial transformation,digital inclusive finance came into being.General Secretary Xi Jinping also pointed out that "finance should serve the real economy,meet the needs of economic and social development and the people",and profoundly revealed the dialectical relationship between the real economy and financial development.At the same time,the current private enterprises are subject to financing constraints and resource allocation problems,which make the phenomenon of non-investment efficiency frequent.Therefore,with the help of digital technologies such as big data and cloud computing,digital inclusive finance,on the one hand,attempts to break through the old model of China’s traditional financial system,reduce the financial exclusion of vulnerable groups,on the other hand,relax the liquidity constraints on enterprises,to some extent,correct the structural mismatch of financial resources,and improve the resource allocation ability of the financial market,Theoretically,it should be able to effectively improve the non-investment efficiency phenomenon existing in private enterprises and help transform the old and new driving forces of the economy.At the same time,social responsibility was introduced as a regulatory variable to explore the regulatory effect of social responsibility on the correlation between digital inclusive finance and investment efficiency of private enterprises.Firstly,the way to obtain a research perspective is to comb relevant research literature at home and abroad,and point out the limitations of existing research.Secondly,define the concepts related to thesis writing,elaborate the relevant theoretical basis,and propose relevant assumptions based on theoretical analysis.The research sample is private enterprises listed in Shanghai and Shenzhen A-shares from 2011 to 2020.Through descriptive statistics,correlation analysis,multiple regression analysis,and robustness testing.The empirical research shows that: under other conditions,digital inclusive finance can restrain the over-investment and under-investment of private enterprises,and improve the investment efficiency of private enterprises.The level of social responsibility plays a significant regulatory role between digital inclusive finance and the investment efficiency of private enterprises.More and more enterprises with corporate social responsibility can significantly inhibit the emergence of non-investment efficiency of enterprises by virtue of the development of digital inclusive finance,thus improving their investment efficiency.The research conclusion will help private enterprises pay more attention to social responsibility and the utility level of digital inclusive finance in their operation and management,help the government actively promote the development of digital inclusive finance,and guide enterprises to formulate scientific standards for the use of social responsibility,and effectively solve the non-investment efficiency of private enterprises.