The Influence Of The Development Of Digital Finance On The Leverage Ratio Of Enterprises

During the "fourteenth five year plan" period,China has entered a new stage of digital development.The "fourteenth five year plan" for national informatization also puts forward higher requirements for the development of China’s digital finance.In recent years,the debt ratio and leverage ratio of Chinese enterprises have been rising,and non-financial enterprises occupy an important position in the national debt.Debt risk has caused great uncertainty to the development of enterprises,and also posed a threat to the healthy development of China’s economy.The development of digital finance provides a new channel to solve this dilemma.This paper uses the 2011-2020 digital inclusive finance index compiled by the digital finance research center of Peking University to represent the development level of digital finance,takes 3611 listed companies as the research object for empirical analysis,and uses the panel fixed effect model to test the impact of the development of digital Finance on corporate leverage,as well as the heterogeneity of leverage term,region,industry and ownership,And the transmission mechanism and action mechanism of this impact.Finally,the endogenous and robustness test is carried out to ensure the robustness of the empirical results.The empirical results show that the development of digital finance can significantly reduce the leverage ratio of enterprises;It has a significant impact on the total leverage ratio and short-term leverage ratio,but has no significant impact on the long-term leverage ratio;The development of digital finance has a more significant impact on the leverage ratio of enterprises in the provinces along the Yangtze River and the Pearl River economic belt;The impact on the high-tech industry is small,because the high-tech industry itself has digital technology and high technology to empower it,so the marginal impact of digital finance is small;The impact on state-owned enterprises is even greater,because state-owned enterprises bear economic goals such as employment,have higher debt ratio and development pressure,so digital finance plays a greater role.In addition,in terms of the impact mechanism and action mechanism of digital Finance on corporate leverage,digital finance can affect corporate leverage by alleviating the transmission channel of corporate financing constraints.The impact of digital Finance on corporate leverage may be related to the level of regional financial development and enterprise research,development and innovation investment.The research results enrich the research on the relationship between digital finance and enterprises,and confirm that the development of digital finance is conducive to reducing the leverage ratio of enterprises,thus reducing the business risks of enterprises.It has certain reference significance for maintaining the stable development of the financial market,perfecting the modern financial system,and promoting the "stable growth"of the economy.