Research On The Impact Of Digital Finance Development On Enterprise Investment Efficiency

With the development of information technology,China’s traditional finance is more closely combined with digital technology,and digital finance is derived from it.Digital finance with digital characteristics has promoted profound changes in China’s traditional finance by continuously expanding the scope of financial services and deepening the field of financial services.Digital finance promotes the innovative development of financial products and the diversified development of financial services.At present,China’s real economy has an obvious trend of "from real to virtual".The virtual economy under the digital technology has seriously crowded out the market share of the real economy,and the capital has flooded into the real estate and financial fields,resulting in the structural mismatch of resources,and the development of the real economy has been restrained.Based on the current situation of China’s economic development and investment and financing of the real economy,taking small and medium-sized enterprises as an example,this thesis believes that digital finance can improve the investment efficiency of small and medium-sized enterprises.Then the mechanism is further analyzed.Through studying the degree of financialization,it is found that the degree of financialization plays a moderating role.By examining the mediating mechanism of financing constraints,we find that financing constraints play an obvious mediating role.This thesis selects the financial data of China’s small and medium-sized private listed enterprises,combined with the digital financial index,to conduct an empirical study.Firstly,the panel fixed effect model is constructed to test the direct influence of digital finance on the investment efficiency of enterprises.The digital finance is decomposed into secondary indicators and the sub-index regression is carried out to explore the impact of three different dimensions of digital finance on the investment efficiency of enterprises.At the same time,robustness test was carried out to verify the accuracy of the research conclusions from three perspectives.Then,based on the degree of financialization,the moderating effect model is constructed to test the degree of the moderating effect of the degree of financialization.Finally,KZ index of financing constraint is selected to construct the mediation effect model to judge whether there is mediation effect of financing constraint.Through theoretical and empirical research,the conclusions are as follows :(1)digital finance can directly improve the investment efficiency,and the main impact is to alleviate the underinvestment,but can not restrain the overinvestment.Different dimensions of digital finance can also improve the investment efficiency of enterprises.(2)Digital finance can improve the investment efficiency of enterprises through the moderating effect of enterprise financialization.The empirical study introduces the degree of financialization as a moderating variable,and empirically tests that the higher the degree of financialization is,the more it can promote the development of digital finance,thus improving the investment efficiency of enterprises.(3)The path of digital finance to improve the investment efficiency of enterprises is to reduce the financing constraints.The empirical study shows that financing constraint plays an obvious intermediary role and passes the test of intermediary mechanism.We further divide the financing constraint into cash holding level and debt financing cost,and find that these two also play the role of intermediary mechanism.Finally,based on the research,this thesis puts forward policy suggestions from the following four aspects :(1)accelerate the construction of digital financial infrastructure;(2)Improve the regulation of digital finance;(3)Encourage product innovation in the field of digital finance;(4)increase the awareness of digital finance publicity.