Digital Finance Development and Enterprise Capacity Utilization:An Empirical Study Based on A-share Listed Companies in Shanghai and Shenzhen
Based on the sample data of A-share listed companies from 2011 to 2021,we explore the mechanism of the impact of digital finance development on the capacity utilization of enterprises.It is found that digital financial devel-opment can significantly improve the capacity utilization of enterprises,and promoting technological innovation,im-proving resource mismatch and suppressing over-investment are the role channels through which digital financial devel-opment improves the capacity utilization of enterprises.Heterogeneity analysis finds that the effect of digital finance de-velopment on firms'capacity utilization is more pronounced among firms with higher financing constraints,high-tech firms,and firms in less market-oriented regions.Appropriate financial regulation can guide the exertion of posi-tive externalities of digital finance and contribute to the role of digital financial development in enhancing the capacity utilization of enterprises.Accordingly,it puts forward policy recommendations such as vigorously promoting the de-velopment of digital finance,deepening supply-side structural reform,enhancing the supervision of digital finance and upgrading the quality management capability of enterprises.
digital financecapacity utilizationinformation asymmetryover-investmentfinancial regulation
万方数据
维普
