| As the basic unit of social economy,enterprises are the main participants in the social market economic behavior and the main driving force for the progress of social and economic development.Enhancing enterprise value is the goal that corporate managers constantly pursue.The development of enterprises under the market economy system requires the support of a variety of resources,of which financial support is the key to enhancing the value of enterprises.From the perspective of internal mechanism,financial resilience,as an important component of financial management activities,can maximize the pooling of internal financial resources of enterprises,and has the role of "foreseeing" and"supplementing".From the perspective of the external financial environment,digital inclusive finance has developed rapidly,achieved good results in promoting social and economic development,and provided an effective solution to the financing difficulties of enterprises.Studying the impact of financial resilience on enterprise value under the background of digital financial inclusion,it is of great significance to accurately coordinate internal and external financial resources and promote the enhancement of enterprise value.From the perspective of dual financing of internal mechanism and external environment,this paper introduces two variables,financial resilience and digital inclusive finance,analyzes the impact of financial resilience on enterprise value,and considers the moderating role of digital inclusive finance in the relationship between financial resilience and enterprise value.By combing the literature of financial resilience,digital inclusive finance and enterprise value,combined with resource base theory,dynamic capability theory,financing priority theory and value evaluation theory,the current status quo of enterprise financial resilience and value is analyzed,and a research hypothesis is put forward on this basis.The data of A-share listed companies in Shanghai from 2015 to 2020 were selected as research samples,and multiple regression analysis was carried out on the samples using a fixed-effect model.The results show that:(1)the level of financial resilience has a significant positive impact on the improvement of enterprise value,and financial resilience can promote the improvement of enterprise value through two mechanisms:reducing financing costs and reducing financial risks;(2)Digital inclusive finance negatively regulates the relationship between financial resilience and enterprise value,that is,in regions with better digital financial inclusion conditions,digital inclusive finance weakens the impact of financial resilience on enterprise value by using two dimensions:depth and degree of digitalization;(3)The impact of financial resilience on enterprise value and the moderating effect of digital financial inclusion show heterogeneity due to the different nature of enterprise property rights.Specifically,the impact of financial resilience on enterprise value and the moderating effect of digital financial inclusion between the two were more significant in the sample of state-owned enterprises,but not in the sample of non-state-owned enterprises.Based on the above research,the following suggestions are put forward:the enterprise level should maintain a reasonable level of financial resilience,accelerate the digital transformation of enterprises,coordinate the rational allocation of internal and external resources,and provide a good internal environment for the improvement of enterprise value;At the level of financial institutions,they should improve the construction of digital inclusive finance,enrich diversified financial products and services,and provide good financing conditions for enterprise development;At the government level,it should develop a multi-level capital market,strengthen the construction of a regional credit culture,and provide external guarantees for the production and investment of enterprises.The innovations of this paper are embodied in:(1)Based on the dual financing perspective combining internal governance and external environment,the factors influencing enterprise value are studied.Based on the study of the impact of financial resilience on enterprise value,the moderating role of digital financial inclusion in the relationship between the two is considered.(2)Financing cost and financial risk as a new mechanism for financial resilience to affect enterprise value.Specifically,financial resilience can boost enterprise value by reducing financing costs and reducing financial risks. |
