Research On The Influence Of The Distribution Of Financial Branches On Enterprise Asset Allocation

Banking,insurance and securities are the pillars of the modern financial system,and the geographical distribution of their branches will have a profound impact on enterprise activities.The asset allocation capability of an enterprise is an important component of its production,operation and asset management capabilities.Therefore,in the context of deepening the reform of the financial system and improving the modern financial system,it is of great significance to scientifically plan the layout of financial outlets.This paper focuses on how the distribution of financial institutions and the supply of financial resources in the geographical space will affect the decision-making of enterprises in asset allocation,and further explores the impact of digitalization on geographical factors in the context of accelerated digital reform.This paper selects Chinese listed enterprises from 2007 to 2021 as the research sample,and uses the number of branches of banks,insurance companies and securities companies around the enterprises as the proxy variable to explore the impact of financial outlets on enterprise asset allocation from a micro perspective.The research findings are as follows.Firstly,the higher density of financial branches around enterprises will make enterprises allocate more financial assets,and the promotion effect of large financial outlets is more obvious,while state-owned enterprises are vulnerable to this positive promotion effect.Secondly,the level of regional digitalization has no significant impact on the allocation of financial assets by enterprises,but geographical factors play a decisive role.Thirdly,the concentration of financial institutions around enterprises is high,reducing the distance between financial outlets and enterprises,thus reducing information asymmetry to promote good communication and transaction.The research inspirations are as follows.Firstly,we need to optimize the geographical distribution of financial branches and guide the financial industry to better serve the real economy.Secondly,we need to strengthen the guidance of the dislocation competition between large and small financial institutions.Thirdly,we need to make overall planning to achieve the orderly integration and development of online and offline channels of financial institutions.The innovation of the research lies in the background of digital transformation and the perspective of financial geography.The bank,securities company and insurance company are considered as the external whole of the enterprise for research,and the substitutability and complementarity of the three in providing asset allocation guidance for enterprises are considered.This paper provides a new reference for the layout of financial geographical structure and provides evidence support for the relevant departments to guide the expansion of financial institutions.