The Impact of Digital Finance on Enterprises'Outward Direct Investment
Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2021,by matching the digital finance index at the prefecture level and the CSMAR Overseas Direct Investment Database,the scale of outward direct investment of listed companies is calculated.Empirical analysis is conducted on the impact of digital finance on outward direct investment of enterprises and the mediating effect of financing constraints.Research has found that digital finance can promote the growth of outward foreign direct investment by enterprises in both overall and three sub dimensions;Digital finance affects the growth of investment scale by alleviating financing constraints through this channel;Compared to state-owned enterprises and the central and western regions,non-state-owned enterprises and digital finance in the eastern region have a more significant impact.
万方数据
维普
