Can Digital Inclusive Finance Inhibit Corporate Entrusted Investment?
Taking the non-financial listed companies in China's A-share market from 2011 to 2020 as the research ob-ject,this paper matches the provincial digital inclusive finance development index and listed company data to examine the impact of digital inclusive finance development on corporate entrusted investment behavior and its mechanism.It is found that digital inclusive finance can significantly inhibit the corporate entrusted investment behavior.The mechanism test shows that digital inclusive finance inhibits the entrusted investment behavior by reducing excess bank credit,lowering fi-nancial returns and shrinking the size of shadow banking.The heterogeneity analysis shows that for state-owned enterprises,enterprises with lower financing constraints,lower internal risk,lower degree of external market competition,and enterprises within poor institutional environment,digital inclusive finance has a more significant inhibitory effect on corporate entrusted investment.
digital inclusive financeentrusted investmentexcess bank creditfinancial return rateshadow banking
万方数据
维普
