Taking the A-share entities listed in Shanghai and Shenzhen from 2013 to 2022 as research samples,this paper empirically analyzes the micro-mechanism of enterprise digital transformation on the level of enterprise financialization.The results show that enterprise digital transformation can significantly inhibit the development of enterprise financialization,and the conclusion is robust.In addition,there are property rights heterogeneity and firm size heterogeneity.Enterprise digital transformation can inhibit the development of enterprise financialization by easing financing constraints.When the industry competition is fierce,the moderating effect of enterprise digital transformation on financing constraints will be weakened,and its inhibiting effect on the level of enterprise financialization will also be reduced.Enterprises should be guided to actively carry out digital transformation,multi-directional policies to alleviate corporate financing constraints,encourage enterprise innovation,focus on long-term development to create a benign industry competition environment,and effectively inhibit the level of corporate financialization.
关键词
企业数字化转型/企业金融化水平/融资约束/有调节的中介效应
Key words
enterprise digital transformation/the level of enterprise financialization/financing restriction/moderated mediation
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