Research on the Impact of Digital Inclusive Finance on Corporate Governance Level:From the Perspective of Economic Policy Uncertainty
Digital inclusive finance has achieved an organic combination of digital technology and traditional finance,play-ing a positive role in stabilizing the capital market.Based on the sample data of A-share listed companies in the Shanghai and Shenzhen Stock Exchanges from 2010 to 2021,this study empirically tests the impact mechanism of digital inclusive fi-nance on corporate governance level and the moderating effect of economic policy uncertainty.The research results indicate that digital inclusive finance can significantly improve the governance level of enterprises,and economic policy uncertainty can strengthen the role of digital inclusive finance in enhancing corporate governance level.The above conclusion still holds after endogeneity and robustness tests.From the perspective of internal mechanism testing,digital inclusive finance can en-hance corporate governance by improving internal control management level and alleviating financing constraints.Further re-search has found that the role of digital inclusive finance in improving corporate governance is more significant for smaller,more transparent,and non-Big Four audited enterprises.To effectively improve the governance environment of enterprises and enhance the level of corporate governance,the government and financial institutions should continue to promote the develop-ment of digital inclusive finance,continuously simplify the loan approval process,and pay more attention to enterprises with larger scale,lower transparency,and the Big Four audited when formulating inclusive finance related policies.Enterprises should strive to improve their internal control management level,alleviate financing constraints,and achieve high-quality de-velopment.
Digital Inclusive FinanceCorporate Governance LevelInternal ControlFinancing Constraints
万方数据
