Research on the Impact of Digital Finance on Enterprise Value

Jiejie Sun

《Frontiers in Economics and Management》 3卷12期 (2022/12) Pp. 301-314

https://doi.org/10.6981/FEM.202212_3(12).0038

摘要

This paper takes China's A‐share non‐financial listed companies from 2011 to 2020 as research samples to empirically analyze the relationship between digital finance and corporate value. It is found that digital finance can effectively enhance enterprise value; The study of the impact path shows that digital finance can alleviate the financing constraints of enterprises, promote the innovation input of enterprises, and then enhance the value of enterprises. Further research shows that the impact of digital finance on enterprise value varies due to the different attributes of enterprises and their geographical locations. This paper explores the influencing factors of enterprise value from the perspective of digital finance, and also enricues the research on the microeconomic consequences of digital finance, providing empirical evidence for the development of digital finance.

關鍵字

Digital Finance ； Enterprise Value ； Financing Constraints ； Innovation Input

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