How Digital Finance Serves the Real Economy:Evidence from Enterprises'Core Business Development
Utilizing the data of Chinese listed companies from 2011 to 2020,this paper tests the impact of regional digital finance on the develop-ment of enterprises'core business.We found that the development of digital finance promotes the enterprises'core business performance by shifting enter-prises from investing in virtual assets to real economy assets.The mechanism analysis shows that the development of digital finance has a positive impact on the development of enterprises'core business through three paths:alleviating enterprises'financing constraints,lowering enterprises'information asym-metry and the spillover effect on banks.Cross sectional analysis shows that the promotion effect is more pronounced for non-state owned enterprises,small-scale enterprises,enterprises with intense industrial competition and insufficient financial development.This paper not only verifies the role of digital fi-nance in promoting enterprises'core business,but also provides empirical evidence and policy implications for further innovating financial models,so as to serve the high-quality development of the real economy in the financial industry better.
Digital FinanceEnterprises'Core Business DevelopmentReal EconomyFinancing ConstraintsInformation Asymmetry
NETL
NSTL
万方数据
