The Impact Of Digital Finance On The Survival Tenacity Of Enterprises

Enterprises,as one of the main entities of China’s market economy,play an important role in promoting economic development,stimulating market vitality and stabilizing employment.However,the current industrial upgrading and transformation and COVID-19 are intertwined.In this context,the survival and development of enterprises have been greatly challenged.Some enterprises are facing problems in business operation due to difficulties in obtaining financial support from financial institutions or falling orders,and are on the verge of bankruptcy or shut down.Compared with traditional financial services,digital finance gives full play to its technical advantages to provide enterprises with financial services with a variety of products and low costs,effectively alleviating the shortage of funds faced by enterprises in production and operation.This new model is conducive to the survival and development of enterprises.Therefore,the exploration of the impact of digital Finance on the survival toughness of enterprises and the impact path not only enriches the research direction of digital finance,but also plays a constructive role in the development of digital finance and the production and operation of enterprises.In order to further verify the relationship between digital finance and enterprise survival resilience,this paper selected the public data of listed companies from 2015 to 2020 as the research sample.The core variables such as ROE(Return on Equity),digital inclusive financial index and related control variables are introduced,and the model of the impact of digital finance on enterprise survival toughness is established.The impact of digital finance on enterprise survival toughness is verified from different regions,industries,enterprise properties and enterprise ages.At the same time,the possible mediating effect of enterprise digitization degree and financing constraint in the influence process is verified.Through empirical research,this paper finds that digital finance can improve the survival resilience of enterprises when they encounter difficulties.At the same time,the coverage and use depth of digital finance have also improved the survival toughness of enterprises to a certain extent.According to the verification results of intermediary effect,the development of digital finance can promote the digitalization of enterprises and alleviate the financing constraints of SMEs.The improvement of enterprise digitalization and the reduction of financing constraints have played a significant intermediary role in the process of digital finance improving the survival resilience of enterprises.In addition,this paper also found that digital finance has different effects on the survival toughness of enterprises in different regions,industries,enterprise properties and enterprise ages,and exerts a more significant impact on the eastern region,private enterprises,high-tech enterprises and enterprises with a shorter establishment time.Finally,this paper,combined with the empirical results,puts forward targeted suggestions for the development of digital finance and the improvement of enterprise survival toughness,expecting to boost the sustainable and stable business development of enterprises.