THE DIGITAL FINANCE IMPACT ON THE ENTERPRISES’ HIGH-QUALITY DEVELOPMENT

Abstract

The purpose of this article is to study how digital finance affects the high-quality development of enterprises. For this purpose, this paper uses the data of China's A-share listed companies in 2011–2019 to match the digital financial inclusion index of the Digital Finance Research Institute of Peking University, form panel data, and use the fixed-effect model to complete the empirical test. The research found that digital finance plays a significant role in promoting the high-quality development level of enterprises. The key path to influencing the high-quality development of enterprises is to: first, alleviate the financing constraints of enterprises; second, solve the problem of capital factors; and third, promote the improvement of the total factor productivity of enterprises so as to promote the high-quality development of enterprises. This article enriches the research on the relationship between digital finance and the high-quality development of enterprises, providing a theoretical basis for how digital finance can better support the high-quality development of micro-entities.