Digital Finance and Enterprise"from Real to Virtual"——Based on the Dual Perspectives of Corporate Financialization and Entity Investment
Digital finance,as the product of the high integration of information tech-nology and traditional finance,has a great impact on China's economic develop-ment.Based on the dual perspectives of corporate financialization and entity invest-ment,this paper empirically tests the relationship between digital finance and enter-prise"de-materialization to virtual"by using the data of A-share listed companies from 2012 to 2020.The research shows that digital finance promotes enterprise fi-nancialization and inhibits enterprise entity investment behavior,that is,digital fi-nance intensifies the trend of enterprise"from real to virtual".In addition,corporate financialization has an intermediary effect between digital finance and enterprise en-tity investment behavior.Heterogeneity analysis found that digital finance has a more obvious effect on smes and non-manufacturing enterprises,but with the strengthening of financial supervision,digital finance will slow down its effect on enterprises.Therefore,digital finance should be viewed dialectically,the develop-ment of digital finance should be correctly guided,the structural reform of financial supply side should be further deepened,and the construction of digital financial in-frastructure should be accelerated.The government should provide policy support,optimize the business environment of enterprises,reduce the operating costs of en-terprises,encourage technological innovation,enhance the core competitiveness of enterprises,and increase the return on investment of enterprises.Further strength-en financial supervision,clarify the content of financial supervision,eliminate regu-latory blind spots,improve the ability to use regulatory technology,and control the dynamics of the financial market in real time.
Digital FinanceOut of Real to VirtualFinancializationPhysical Invest-mentFinancial Regulation
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