Research On The Impact Of Digital Finance On Corporate Loans

The main source of corporate loans is bank borrowing.From 2011 to 2019,China’s non-financial corporate sector accounted for 71.85% of transaction capital loans from60.29%.As an emerging product of the combination of digital technology and traditional finance,the research issue of this thesis is whether the rise of digital finance can bring new changes to corporate loans,whether digital finance can exert the advantages of digital technology enabling finance to significantly affect the scale and term structure of corporate loans,and whether the allocation efficiency of loan resources is improved as a result.Through combing and theoretical analysis of existing literature,this thesis discusses the influence of digital finance on corporate loan scale from two paths of accounting information quality and corporate governance environment.In this thesis,a-share listed non-financial enterprises from 2011 to 2019 were selected as research samples.After preliminary screening of the data,multiple regression model was used to empirically test the main hypothesis,and the robustness of the research results was tested by means of instrumental variables and substitution of explained variables.The results of this thesis show that: first,digital finance has a significant impact on the scale of enterprise loans: the higher the development degree of digital finance in the province where the enterprise is located,the larger the scale of enterprise loans.Secondly,through the mechanism test,it is found that digital finance enhances the availability of corporate loans by improving the quality of accounting information and corporate governance environment.Third,digital financial development level and enterprise loans due to the nature of property rights and the relationship between financial risk level differences between the different,and the financial risk is higher in non-state enterprises,digital financial more significant positive impact of the size of the loan,that digital financial easing the two types of corporate loans discrimination.Fourthly,in the expansive analysis,this thesis finds that digital finance can significantly increase the scale of long-term borrowing of enterprises,but has no significant impact on the scale of short-term borrowing of enterprises.The loan term structure of enterprises is significantly prolonged with the development of digital finance,and the resource allocation efficiency of incremental loans of enterprises is significantly improved with the development of digital finance.The research results of this thesis mainly have the following contributions: First,enrich the academic results of the impact of digital finance development on corporate loans,and broaden the research perspective of digital finance application and corporate financing.Secondly,combined with theories related to corporate governance,this thesis finds that the development of digital finance can improve the quality of accounting information and optimize the corporate governance environment,thus improving the availability of corporate loans.Third,inspire enterprises and banks to attach importance to the construction and application of digital technology,in order to improve the quality of accounting information and improve corporate governance structure.Fourthly,on the basis of studying how digital finance increases enterprises’ access to loans,this thesis also tests whether digital finance optimizes the resource allocation efficiency of incremental loans obtained by enterprises,providing further empirical evidence for the influence of digital finance on enterprise loans.