Digital Finance and Corporate Sustainable Development Performance:Heterogeneity Characteristics,Micro-mechanism and Macro-regulation
Based on the data of listed companies from 2011 to 2020 and the digital finance index compiled by Peking University,this paper empirically tests the impact of digital fi-nance on the sustainable development performance of enterprises from the perspective of digital finance,and finds that the development of digital finance significantly improves the sustainable development performance of enterprises.The mechanism test found that digital finance can improve the sustainable development performance of enterprises by easing the financing constraints of enterprises and promoting the digital transformation of enterprises.In addition,compared with state-owned enterprises,non-manufacturing enterprises and growth-stage enterprises,the development of digital finance has a more significant positive impact on the sustainable development performance of non-state-owned enterprises,manufacturing enterprises and mature enterprises.A favorable scientific and technological environment and the improvement of financial supervision both contribute to strengthening the positive impact of digital finance on the sustainable development performance of enter-prises.This paper reveals the transmission mechanism of digital finance to help enterprises'sustainable development performance,enriches the research in the field of digital finance,expands the relevant discussion on how to promote enterprises'sustainable development,and provides new empirical evidence for the future development direction of digital finance in China and the maintenance of enterprises'sustainable development.
Digital Financial EnterprisesFinancing constraintDigital TransformationEnterprise Sustainable Development Performance
NETL
NSTL
万方数据
