Research on the impact of asset structure allocation on the high-quality development of enterprises:An analysis based on the moderating effect of digital economy
The asset allocation of enterprises reflects their resource allocation strategies.Digital economy is a new engine to drive the resource allocation of enterprises,and a reasonable asset structure is a necessary condition for achieving high-quality develop-ment of enterprises.Based on the panel data of China's A-share listed companies from 2011 to 2020,this paper examined how the asset structure mismatch affects the high-quality development of enterprises and analyzed the regulatory effect of digital econo-my on the relationship between them.The study found that the mismatch of asset structure significantly hinders the improvement of high-quality development level of enterprises.The test results of the regulatory effect showed that the digital economy can sig-nificantly alleviate the negative impact of asset structure mismatch on the high-quality development of enterprises.Further re-search showed that the negative impact of asset structure mismatch on the high-quality development of enterprises is more obvious in enterprises with high proportion of financial assets,fixed assets,intangible assets and inventory in total assets,as well as those with high financial leverage,low financial development level and low marketization.The research conclusion will enrich the theo-ry of capital allocation,and provide empirical evidence and reference suggestions for promoting the deep integration of digital e-conomy and real economy and promoting the high-quality development of enterprises.
asset structuredigital economyhigh quality development of enterprisemoderating effect
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NSTL
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