Research on the Impact of Digitalization on the Financialization of the Real Economy from the Perspective of Digital China

Ziqi Sun

doi:10.62051/ijgem.v8n1.30

Authors

Ziqi Sun

DOI:

https://doi.org/10.62051/ijgem.v8n1.30

Keywords:

Digital economy, Enterprise financialization, Cash flow, Regional heterogeneity, Enterprise - scale heterogeneity

Abstract

The digital economy serves as a new engine for the endogenous development of China's economy, and its rapid growth will have a significant impact on enterprise financialization. This paper is based on the data of Shanghai and Shenzhen A-share listed companies from 2016 to 2021 and uses the fixed - effects model to explore the impact of the digital economy on enterprise financialization and its mechanism. The empirical results show that the digital economy promotes the deepening of enterprise financialization, and this result remains valid after robustness tests such as indicator replacement and the instrumental variable method. The digital economy increases the degree of enterprise financialization by exacerbating enterprise cash - flow pressure and reducing financing constraints. Further investigation of the impact path between them reveals that there are regional and enterprise - scale heterogeneities in the impact of the digital economy on enterprise financialization. This paper enriches the research on the digital economy and the financialization of the real economy of enterprises and provides a theoretical basis and policy reference for the digital economy to serve the real economy.

Downloads

Download data is not yet available.

References

[1] Dai Ze, Peng Yuchao, Ma Sichao. Understanding the "De - real - economy and Financialization" of the Economy from a Micro - perspective: A Review of Research on Enterprise Financialization [J]. Foreign Economics & Management, 2018, 40(11): 31 - 43.

[2] Zhang Chengsi, Zhang Butan. The Mystery of the Decline in China's Real - economy Investment Rate: From the Perspective of Economic Financialization [J]. Economic Research Journal, 2016, 51(12): 32 - 46.

[3] Fan Jingshu. Does the Development of the Digital Economy Promote the Financialization of Real - economy Enterprises? [D]. Shandong University, 2023.

[4] Cai Yuezhou. Measurement of the Added Value and Contribution of the Digital Economy: Historical Evolution, Theoretical Basis, and Methodological Framework [J]. Seeking Truth, 2018, 45(05): 65 - 71.

[5] Zhu Facang, Le Guanlan, Li Qianqian. Measurement of the Scale of the Added Value of the Digital Economy [J]. The World of Survey and Research, 2021,(02): 56 - 64.

[6] Yan Wu, Wan Liangwei. Research on the Impact Mechanism of the Digital Economy on the Financialization of Real - economy Enterprises [J]. Jiangxi Social Sciences, 2022, 42(10): 44 - 53 + 206.

[7] Yang Mingyan, Pu Zhengning. The Impact of the Digital Economy on the "De - real - economy and Financialization" of the Economy: Evidence from Listed Companies [J]. Economic Review, 2022,(03): 110 - 126.

[8] Ma Hong, Hou Guisheng. The Digital Economy, Local Government Behavior, and the Financialization of Real - economy Enterprises [J]. Commercial Research, 2023,(04): 115 - 122.

[9] Wan Xiaoyu, Luo Yanqing, Yuan Ye. Research on the Evaluation Index System for the Development of the Digital Economy - Based on the Input - Output Perspective [J]. Journal of Chongqing University of Posts and Telecommunications (Social Science Edition), 2019, 31(06): 111 - 122.

[10] Jiao Shuaitao, Sun Qiubi. Research on the Measurement and Influencing Factors of the Development of China's Digital Economy [J]. The World of Survey and Research, 2021,(07): 13 - 23.

[11] Jin Canyang, Xu Aiting, Qiu Keyang. Measurement of the Development Level of China's Provincial - level Digital Economy and Its Spatial Correlation Research [J]. Statistics & Information Forum, 2022, 37(06): 11 - 21.

[12] Xu Xianchun, Zhang Meihui. Research on the Measurement of the Scale of China's Digital Economy - From the Perspective of International Comparison [J]. China Industrial Economics, 2020,(05): 23 - 41.

[13] Ma Hong, Wang Yongjia. A Review of Research on the Financialization of Real - economy Enterprises [J]. Finance and Accounting Monthly, 2019,(17): 157 - 164.

[14] Peng Yuchao, Han Xun, Li Jianjun. Economic Policy Uncertainty and Enterprise Financialization [J]. China Industrial Economics, 2018,(01): 137 - 155.

[15] Yang Zheng, Wang Hongjian, Dai Jing, et al. Relaxing Interest Rate Controls, Equalizing Profit Rates, and the "De - real - economy and Financialization" of Real - economy Enterprises [J]. Journal of Financial Research, 2019,(06): 20 - 38.