Research On The Influence Mechanism Of Digital Finance On The High-quality Development Of State-owned Enterprises

The 20 th National Congress pointed out that development is the top priority for governing and rejuvenating the country,and under the new historical conditions,the top priority for building a great modern socialist country is to achieve high-quality development in an all-round way.The state-owned enterprises are the leading market players in the economic environment,and their high-quality development is very important for the highquality development of the economy.At a time when big data and cloud computing are on the rise,digital finance comes into being and creatively creates a new financial environment to boost the high-quality development of state-owned enterprises with its inherent advantages such as low cost,wide coverage and trans-temporal and spatial information transmission.Therefore,in the special financial environment of the 14 th Five-Year Plan period,it is of great significance to study digital finance for the high-quality development of state-owned enterprises.Based on this,this paper starts from the financing constraints faced by the development of state-owned enterprises,takes state-owned enterprises as the research target,explores the interactive relationship between financial development and the development of state-owned enterprises under the digital condition,further observes the influence mechanism of digital finance on the high-quality development of state-owned enterprises,and enrichis relevant theories.In terms of empirical research,this paper studies the influence mechanism between digital finance and high-quality development of state-owned enterprises by taking A-share state-owned listed companies in Shanghai and Shenzhen Stock exchanges as samples from2015 to 2020.The findings are as follows:(1)Threshold regression model shows that digital finance has a nonlinear relationship with the high-quality development of state-owned enterprises,that is,a single threshold exists.(2)Digital finance can positively promote the high-quality development of state-owned enterprises.(3)Digital finance can promote the high-quality development of state-owned enterprises by easing financing constraints.(4)Grouping regression shows that digital finance has a stronger driving effect on the highquality development of large state-owned enterprises and state-owned enterprises with high technical level.(5)Further research shows that the higher the development level of supply chain finance is,the stronger the influence of digital finance on the high-quality development of state-owned enterprises through financing constraints;the higher the proportion of institutional investors,the stronger the mediating effect of financing constraints.The research results of this paper not only enrich the research on the factors affecting the highquality and high-level development of state-owned enterprises,but also provide a good basis for the government to promote the high-quality and high-level development of relevant decisions.