Does Digital Finance Development Promote Firm's Internationalization Level?
With the favorable digital dividend environment and the application of cutting-edge digital technology,the development of digital fi-nance has promoted the efficiency of financial services to a new level,laying a new development momentum for cultivating the global com-petitive advantage of Chinese firms and improving the level of firms'internationalization.Based on this,this paper combines the develop-ment data of digital finance and the financial data of listed companies to systematically analyze the specific mechanism by which digital fi-nance affects firms'internationalization level.The study finds that the development of digital finance has significantly improved the level of firms'internationalization,resulting in a scale effect of improving the level of internationalization of enterprises,which is heterogeneous with respect to different sample classifications.Mechanism research shows that the alleviation of financing constraints and the deepening of digital transformation are the specific channels through which the development of digital finance affects firms'internationalization level.In addition,after considering the robustness of core indicators,city specificity,industry development characteristics,model setting methods,and solving endogeneity problems through placebo test and instrumental variable regression,the development of digital finance still results in an improvement in firms'internationalization level.Further research shows that the development of digital finance has the"inverted pyr-amid"effect of human capital structure optimization and the expansion effect of the enterprise value chain,which deepens firms'interna-tionalization process.The role played by digital finance has obvious spillover effects,and the spillover scope is limited to adjacent city.The improvement of the market-oriented system will provide a superimposed effect on the influence from development of digital finance.Therefore,this study provides a new perspective for cultivating world-class enterprise teams with the help of digital financial development.
NETL
NSTL
万方数据
维普
