This study examines the relationship between digital finance and corporate leverage manipulation using China's A-share non-financial listed companies from 2011 to 2022 as empirical samples.The findings indicate that digital finance development significantly curtails the extent of corporate leverage manipulation.Concerning influence mechanisms,the development of digital finance curtails corporate leverage manipulation by mitigating financing constraints.Considering impact heterogeneity,digital finance more strongly inhibits leverage manipulation in enterprises facing high financing constraints,those led by senior executives with a financial background,and those with a high book leverage ratio.Regarding threshold characteristics,digital finance exhibits a threshold effect in curbing enterprise leverage manipulation;significant inhibition occurs only once its development level surpasses this threshold.
Digital FinanceEnterprise Leverage ManipulationFinancing Constraint
NETL
NSTL
万方数据
