Research On The Impact Mechanism Of Digital Finance On Enterprise Value

As a new format combining digital technology and traditional finance,digital finance is triggering changes in corporate financing,production and operation.Among the existing research on enterprise value,there are few studies on the impact mechanism of digital finance on enterprise value.Based on this,this paper not only helps to enrich the research on digital finance and micro-enterprises,but also has good reference significance for how to promote the development of enterprises in the future.Taking the A-share listed companies in Shanghai and Shenzhen in China from 2011 to 2020 as the research object,this paper analyzes the specific mechanism path of digital finance affecting enterprise value from the perspective of external financing and internal finance,and considers the impact of the region where the enterprise is located and the external environmental factors,namely the degree of financial supervision and economic policy uncertainty on the relationship between digital finance and enterprise value.It is found that:(1)digital finance can significantly enhance enterprise value,and the enhancement effect has long-term effects;Among the three sub-dimensions of digital finance,the breadth of coverage and depth of use of digital finance significantly increased enterprise value,and the degree of digitalization had no significant impact on enterprise value.(2)The impact mechanism shows that digital finance has a positive impact on enterprise value by reducing the financing constraints and financing costs faced by enterprises when obtaining external financing,as well as reducing the internal leverage ratio and financial risks of enterprises.(3)The heterogeneity test found that compared with the eastern region,the value enhancement effect of digital finance on enterprises in the central and western regions was more significant.Considering the external environmental factors of enterprises,namely the degree of financial supervision and economic policy uncertainty,it is found that digital finance can play a better role in enhancing the value of enterprises by strengthening financial supervision.The lower the uncertainty of economic policy,the more digital finance can enhance corporate value.(4)Further research finds that when the degree of financial supervision is used as a threshold variable,the relationship between digital finance and enterprise value presents a non-linear "inverted U-shaped" relationship,indicating that when the intensity of financial supervision is within a reasonable range,digital finance has a more significant effect on the enhancement of enterprise value.Based on the above findings,this paper argues that relevant government departments should pay more attention to digital finance,increase investment in digital infrastructure,build a flexible financial supervision system,support the development of digital finance in infrastructure,prevent digital financial risks in terms of system,actively promote the development of digital finance,and give play to the inclusive role of digital finance.Enterprises themselves need to recognize the role of digital finance,turn passive into proactive,actively use digital finance to obtain external financing,improve internal financial stability,and achieve their own high-quality development.