Whether the development of digital finance can help enterprises achieve substantial deleveraging is an important reflection of high-quality financial development in China.Based on the relevant data of Shanghai and Shenzhen A-share listed enterprises in 2011-2021,the influence on corporate leverage manipulation is investigated based on the resource and information effect of the development of digital finance.The results showed that the development of digital finance can significantly reduce the degree of corporate leverage manipulation,which is mainly achieved by alleviating corporate financing constraints and improving corporate information transparency.Heterogeneity analysis shows that the effect of digital finance development in reducing corporate leverage manipulation is more significant in regions with better traditional financial development and higher financial supervision intensity.Therefore,the relevant government departments should further regulate and promote the high-quality development of digital finance from the aspects of information infrastructure construction and strengthening financial supervision.Traditional financial institutions such as banks should actively carry out digital transformation and continuously improve the efficiency of financial services.Enterprises should fully utilize digital finance to break down external financing barriers and empower high-quality development.
digital finance developmentleverage manipulationfinancing constraintsinformation transparency
NETL
NSTL
维普
万方数据
