The Impact Of Digital Finance On Export Performance Of Manufacturing Enterprises

In order to realize the long-term and stable development of Chinese economy,we need to give full play to the role of manufacturing enterprises in international trade.It is necessary to find new export power since the traditional export mode of enterprises lacks power,such as financing constraints,lack of enterprise governance ability and weak product innovation ability.The development of digital finance provides a new driving force for the export of manufacturing enterprises.Based on the development of digital finance,this study explores its promotion path for the export of manufacturing enterprises,which has important theoretical value and practical significance for improving the export performance of Chinese enterprises and promoting the realization of a new development pattern.Based on the annual report of enterprises from 2011 to 2019 and the data of the National Bureau of Statistics,this paper uses the digital financial inclusion index of Peking University and the export financial index of enterprises in the annual report of listed companies to measure the digital financial index and the export performance of Chinese manufacturing enterprises,and empirically tests the impact of digital finance on the export performance of manufacturing enterprises.Firstly,this paper uses bibliometric analysis to analyze the correlation between digital finance and enterprise export performance,clarifies the concepts of the two,and finds out the related influencing factors of manufacturing export.Secondly,this thesis analyzes the development of digital finance and the present situation of manufacturing export of our country,further understanding of the development process of digital finance and manufacturing export region and industry difference.Then,this paper theoretically discusses the direct influence mechanism of digital finance to promote the export performance of manufacturing enterprises,studies the indirect transmission mechanism of financing constraint level and corporate governance structure as regulating variables,and expands the heterogeneity of the two dimensions of enterprise nature and regional differences.On this basis,this paper uses the fixed effect model to empirically test the theoretical analysis of this paper.The results show that:(1)The development of digital finance can promote the export performance of manufacturing enterprises,and the coverage breadth,use depth and digitalization degree of digital finance have different degrees of influence on the export of manufacturing enterprises;(2)Financing constraint level and corporate governance structure have a positive moderating effect on the export performance of manufacturing enterprises promoted by digital finance;(3)The influence of digital finance on the export performance of manufacturing enterprises is more obvious in enterprises and private enterprises in eastern China,while the promotion effect on enterprises and state-owned enterprises in central and western China is not significant.Finally,this study is for the government to promote the development of digital inclusive finance and digital technology.Countermeasures and suggestions are put forward for enterprises to promote export trade.