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Abstract
In the context of the digital economy, the digital transformation of enterprises, as an important accelerator of new economic and social development, cannot be separated from the support of financial resources. Based on the data of China’s A‐share listed companies from 2011 to 2020, this paper studies the influence of digital finance development on the digital transformation of enterprises and its mechanism of action. The empirical results demonstrate that digital finance development plays a significant role in promoting the digital transformation of enterprises, and the promotion effect is stronger for nonstate‐owned enterprises, but the promotion effect of digital finance development on the digital transformation of enterprises is weaker in western regions and peripheral cities than that in eastern and central regions and central cities. Digital finance development can alleviate the financing constraint of enterprises, thus facilitating the digital transformation of enterprises. Digital finance development can drive enterprise innovation, thus promoting the digital transformation of enterprises. Therefore, this paper suggests that the government should steadily advance digital finance development. Meanwhile, financial institutions should speed up the construction of digital platforms and strengthen their support for innovative projects. In addition, enterprises should actively seize the opportunities brought by digital finance development and accelerate the construction of digital transformation.
Highlights
With the rapid development of information technology, especially cutting-edge digital technologies such as artificial intelligence and big data, the global economy has stepped into the era of the digital economy
Column (5) shows the results of fixed both industry and region. e DF regression coefficients in Columns (1), (2), (3), (4), and (5) are all significantly positive at the level of 1%. It indicates that digital finance development can promote the digital transformation of enterprises, thereby verifying hypothesis 1. is paper holds that digital finance development can increase the supply of financial resources for enterprises in need of digital transformation, providing enterprises with sufficient funds to support their digital transformation and improving their willingness to carry out digital transformation
The development of digital finance is conducive to the flow of information within the market, which helps enterprises better grasp the market trends, and facilitates them to obtain information related to digital transformation, enabling them carry out digital transformation better
Summary
With the rapid development of information technology, especially cutting-edge digital technologies such as artificial intelligence and big data, the global economy has stepped into the era of the digital economy. Digital finance can lower the cost of financial services, expand the audience and improve the allocation efficiency of financial resources through digital technologies such as big data and artificial intelligence, contributing to the flow of financial resources to enterprises with digital transformation demands and promoting their digitization process. With the help of big data and other means, digital finance helps financial institutions screen out potential innovative projects of enterprises and directly inject funds into innovative projects It helps to reduce R&D risks of enterprises and improve their willingness to innovate, driving them to increase R&D investment and promote technological development. H3: Digital finance drives the digital transformation of enterprises by driving enterprise innovation
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