Research On The Influence Of Digital Inclusive Finance On The Financing Efficiency Of Listed Companies In The Logistics Industry

As China’s economy continues to develop,socialism with Chinese characteristics has entered a new era,and people’s demands for a better life is growing.The logistics industry is the foundation of modern economic development,bearing the important task of flexible and orderly operation of people’s production and life,and its role is increasingly critical.Nevertheless,the development of the industry has been restricted by the financing difficulties of logistics companies.Therefore,it is of great importance to consider how to improve the financing efficiency of logistics companies.Under the background of digital enabling inclusive finance,with the combination of big data internet technology and inclusive finance,the ways of financing for logistics companies have increased significantly,and the financing channels have become increasingly diversified.Furthermore,the cost of capital lending by banks and other financial institutions has been reduced,thus improving the financing efficiency of logistics companies.This study examines the effects of digital inclusive finance on the financing efficiency of listed companies in the logistics industry,drawing on financial development theory,information asymmetry theory,enterprise life cycle theory and other basic theories.To do so,the concept of financing efficiency of the listed companies in the logistics industry is first defined,and the indicators of input and output are determined.Then,the DEA-BCC model is used to quantify the financing efficiency of 65 companies in this industry.Subsequently,a panel fixed effect model is applied to the digital inclusive financial panel data of 65 companies from 2011 to 2020 to analyze the static effects,and an intermediary effect model is used to investigate the specific transmission mechanism.Finally,the endogenous problem is solved through propensity score matching and instrumental variable methods.The results indicate that digital inclusive finance has an obvious positive role in promoting the financing efficiency of listed companies in the logistics industry,and the three sub-dimensions of digital inclusive finance,including coverage breadth,coverage depth and digital degree,are positively promoting the financing efficiency of listed companies in the logistics industry.Additionally,the impact of digital inclusive finance on the financing efficiency of listed companies in the logistics industry is heterogeneous.The impact of digital inclusive finance on financing efficiency is more significant in transport logistics companies and growing logistics companies.Finally,in terms of transmission mechanism,digital inclusive finance can promote the improvement of financing efficiency of listed companies in the logistics industry by mitigating financing constraints.This study draws a conclusion and proposes suggestions from the perspectives of listed companies in the logistics industry,government and financial institutions.It is hoped that this will result in a more significant impact on the financing efficiency of these companies.