Study On The Influence Of Digital Inclusive Finance On The Financialization Of Entity Enterprises

At present,the gradual improvement of the financial market and the continuous optimization of the capital structure have played a positive role in promoting the rapid economic growth.However,a series of serious problems have also been exposed behind the rapid economic development of our country.In recent years,due to the impact of the international and domestic environment,the development of some physical industries has encountered difficulties,and the industry profit margin has shown a downward trend.At the same time,due to the high rate of return on investment in the virtual economy,the entity enterprises continue to inject idle resources into the financial industry,resulting in the increasing trend of enterprises "moving away from reality to emptiness".Financial markets and companies are closely related.In recent years,the high integration of traditional financial industry and advanced digital technology has spawned a new model of digital inclusive finance.It can expand the boundaries of the financial market,improve the accessibility of the financial market,and enrich the connotation of financial services,which will inevitably have a significant impact on the "off the real to the virtual" of physical enterprises.Therefore,this paper discusses the role of digital inclusive finance in the financialization of entity enterprises,and takes listed entity enterprises from 2011 to2020 as the research object to explore the impact of the total index of digital inclusive finance and three sub-indexes on the financialization of non-financial enterprises.At the same time,by adding the interactive items of the return on investment of financial assets and operational risk,we identify the internal motivation of enterprise financialization,and study the role of financing constraints on the promotion of digital inclusive finance to "move from real to virtual" of physical enterprises.In addition,this paper analyzes the differences of the impact of digital inclusive finance on corporate financialization in enterprises of different scales,industries and regulatory environments through the heterogeneity test.The research finds that digital inclusive finance will significantly deepen the degree of "off the real to the virtual" of physical enterprises and boost corporate financialization.This conclusion is still valid after the robustness tests such as changing variables and removing some samples.Further research shows that enterprises allocate financial assets for the purpose of preventing reserve and profit pursuit,deepen the trend of enterprise financialization,and digital inclusive finance promotes the level of enterprise financialization by easing financing constraints.The heterogeneity test shows that the promotion of digital inclusive finance on the financialization of entity listed companies is more significant in small-scale enterprises,manufacturing enterprises and enterprises with weak supervision.According to the research conclusions of this paper,six policy recommendations are put forward to strengthen the policy guidance for the development of digital inclusive finance,strengthen the supervision of financial technology enterprises,accelerate the pace of financial industry reform,strengthen the ability of enterprises to cope with business risks,improve the profitability of the real economy and guide enterprises to reasonably arrange the investment structure.This paper expands the research on the economic effects of digital inclusive finance and the driving factors of the financialization of real enterprises,helping to find out the negative consequences of digital inclusive finance on economic development,thus providing a new way to accelerate the pace of financial market reform and guide the high-quality development of the real economy.