A Study on the Impact of Digital Finance on Guaranteed Loans for Private Enterprises
Taking A-share listed private companies in Shanghai and Shenzhen from 2013 to 2022 as a sample,the impact of digital finance on guaranteed loans for private enterprises and its mechanism of action are explored.The study finds that the development of digital finance can help reduce the proportion of guaranteed loans for private enterprises and the effect continues over time,and that both the breadth of coverage and the depth of use of digital finance can achieve the above-mentioned effects.Mechanism analysis shows that digital finance reduces the proportion of guaranteed loans for private enterprises by improving the quality of enterprises'internal controls and information transparency,as well as lowering enterprises'leverage ratios.The results of heterogeneity test show that the impact of digital finance on guaranteed loans for private enterprises is more significant for the enterprises that are small-scale,politically unconnected and under strong financial regulation.In response to the findings of the study,the following suggestions are put forward:The government should play a strategic leading role,increase support for digital finance,help the financial industry to broaden the coverage of digital finance,and enhance the depth of the use of digital finance;Traditional financial institutions should make full use of digital technology,accurately identify the status of enterprises,and achieve more accurate financing assistance for private enterprises through digital finance;Relevant departments should clarify their regulatory responsibilities for digital finance as soon as possible,formulate relevant regulations and systems,improve industry norms,and establish a sound digital financial regulatory system.
digital financeprivate enterprisesguaranteed loansfinancial regulation
万方数据
维普
