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.
关键词
数字金融/融资结构/直接融资/信息不对称性
Key words
digital finance/financing structure/direct financing/information asymmetry
维普
万方数据