Financing Structure and Enterprise Digital Transformation: from the Perspective of Direct Financing and Indirect Financing
XIE Xianjun1, YU Junli1,2
1. School of Government Administration, Peking University, Beijing 100871, China; 2. China Emerging Industry Innovation Research Center, Peking University, Beijing 100871, China
Abstract Based on the data of Chinese A-share listed companies from 2011 to 2020, this paper empirically tests the impact of market led direct financing and bank led indirect financing on corporate digital transformation. The research shows that increasing the proportion of market led direct financing significantly promotes enterprises' digital transformation, while increasing the proportion of bank led indirect financing significantly inhibits enterprises' digital transformation. Among the different ownership attributes, industry attributes, technology intensive attributes and capital intensive attributes of enterprises, increasing the proportion of direct financing and increasing the proportion of indirect financing have significant promoting and inhibiting effects on enterprises' digital transformation respectively. Further mechanism analysis indicates that increasing the proportion of direct financing significantly alleviates corporate financing constraints, promotes corporate total factor productivity and improves corporate profitability, thereby promoting corporate digital transformation. However, increasing the proportion of indirect financing significantly aggravates corporate financing constraints, inhibits corporate total factor productivity and reduces corporate profitability, thus inhibiting corporate digital transformation.
XIE Xianjun,YU Junli. Financing Structure and Enterprise Digital Transformation: from the Perspective of Direct Financing and Indirect Financing. Economic Survey, 2023, 40(5): 099.
2023, Vol. 40 
