Has Digital Finance Optimized the Financing Structure of Enterprises in the Real Economy?
This study examined the impact of digital finance on the financing structures of enterprises within the real economy by developing a theoretical model of corporate financing structure that incorporates digital finance elements.Leveraging data from Shanghai and Shenzhen A-share listed companies from 2013 to 2021,the analysis demonstrates that digital finance signif-icantly optimizes financing structure by increasing the proportion of equity financing.Yet,the op-timization effect of digital finance on financing structure shows variability across industries,com-pany sizes,and ownership types.Key mechanisms by which digital finance improves the financing structure include increasing corporate information transparency,enhancing the quality of informa-tion disclosure,and boosting market attention.The study reveals that digital finance has a positive linear impact on the magnitude of direct financing for enterprises and a nonlinear influence on in-direct financing-initially dampening before facilitating it-with a more pronounced effect on di-rect financing over indirect financing.Moreover,the study finds that the effect of digital finance on equity financing surpasses its impact on debt financing.
digital financefinancing structuredirect financinginformation asymmetry
万方数据
维普
