Digital finance,as an emerging financial service model that combines digital information technology with traditional finance,has an important impact on enterprise development.Taking China's A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 as the research object,the paper empirically analyzes the impact and path of digital finance on enterprise value.It is found that the development of digital finance can significantly enhance the value of enterprises,and this conclusion still holds after a series of robustness tests.The increase in the level of technological innovation is the mechanism of action of digital financial development enhancing enterprise value.Heterogeneity analysis finds that digital financial development enhances enterprise value more significantly for enterprises in high-grade cities and high-tech industries.
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