Digital finance, financial asset allocation and high-quality development of enterprises
Xuxiao Wen
School of Business, Xi ’an International Studies University
DOI: https://doi.org/10.59429/bam.v7i1.9564
Keywords: Digital finance; Financial asset allocation; High-quality enterprise development; Reservoir motivation; Investment substitution motivation
Abstract
The development of digital finance has an important impact on the high-quality development of enterprises. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2022, this paper empirically examines the relationship between digital finance and high-quality enterprise development. The results show that digital finance can promote the high-quality development of enterprises. Further research shows that the three sub-dimensions of digital finance can promote the high-quality development of enterprises, and the intermediary effect is still valid, and it is more significant in non-state-owned enterprises and the eastern region. On the basis of the existing research on the relationship between digital finance and the high-quality development of enterprises, this study explores the mechanism from the perspective of financial asset allocation, so as to provide a theoretical basis for preventing excessive financialization of enterprises and promoting their long-term development.
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