How can Digital Finance Reduce the Cost of Corporate Debt Financing
The 2023 Central Financial Work Conference pointed out that finance should serve the development of the real economy with higher quality,and debt financing costs are an important component of the real economy,and exploring how digital finance can reduce debt financing costs is the key cornerstone to promote the high-quality development of China's economy and an important means to optimize the allocation of financial resources.Based on the panel data of A-share listed companies and the provincial-level digital inclusive finance index,this paper analyzes the impact of the development of digital finance on the debt financing cost of enterprises.The results show that:Firstly,digital finance can significantly reduce the cost of corporate debt financing.Secondly,the negative effects of digital finance gradually increase as debt financing costs increase in different levels of debt financing costs,and this conclusion is still valid after controlling for endogeneity problems and conducting robustness tests.Finally,further analysis finds that digital finance reduces the cost of debt financing by increasing bank diversity and promoting enterprise technological innovation.In addition,for non-state-owned enterprises,low-growth companies and companies in the central and western regions,digital finance can significantly reduce the cost of corporate debt financing.The conclusions of this study are helpful to enrich the analytical framework of corporate debt financing costs,and also have important policy significance.
digital financethe cost of corporate debt financingquantile regressionfinancial diversitytechnological innovation
万方数据
