The Impact of Digital Finance on Corporate Performance: From the Perspective of Corporate Financial Constraints

Abstract

Based on the financial management rules and conditions of enterprises, this paper selects more than 3,000 Shanghai and Shenzhen A-share listed companies from 2010 to 2021 as data samples, uses the digital inclusive financial index and its one-dimensional index as explanatory variables, and makes regression analysis on the market performance of listed enterprises in the national level and eastern, central and western regions. Moreover, the enterprise financing constraint index constructed by operating net cash flow, cash holdings, payout level, debt degree and growth is used as the intermediary variable to test the transmission path of the impact of digital economy on real enterprises. It is verified that digital economy has a significant impact on the improvement of enterprise market value, and the effect of the eastern region is more obvious. The development of digital inclusive finance mainly affects the financial constraints of enterprises by broadening the depth of the use of finance, alleviating financing constraints and thus enhancing corporate value.