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Digital Finance and High-Quality Development of State-Owned Enterprises—A Financing Constraints Perspective

Author

Listed:
  • Haijuan Xie

    (Business School, Guilin University of Electronic Technology, Guilin 541004, China)

  • Jinyuan Wen

    (Business School, Guilin University of Electronic Technology, Guilin 541004, China)

  • Xiaohui Wang

    (Business School, Guilin University of Electronic Technology, Guilin 541004, China)

Abstract

The report of the 20th National Congress pointed out that high-quality development is the primary task of building a modern socialist country in an overall sense. Based on the background of high-quality economic development in the new era, this document studies the influence mechanism between digital finance and high-quality development of state-owned enterprises based on total factor productivity (TFP) by taking A-share state-owned listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2020 as samples. The findings are as follows: Digital finance promotes the high-quality development of state-owned enterprises by alleviating financing constraints; grouping regression shows that digital finance has a stronger driving effect on the high-quality development of large state-owned enterprises and enterprises with a high technical level. The threshold regression model shows that digital finance has a single threshold effect on the high-quality development of state-owned enterprises. Further research shows that the higher the development level of supply chain finance, the stronger the influence of digital finance on the high-quality development of state-owned enterprises through financing constraints. The higher the shareholding ratio of institutional investors, the stronger the mediating effect of financing constraints. The research results of this paper not only enrich the research on the factors that influence the high-quality development of state-owned enterprises but also provide support for the government to formulate high-quality development policies for enterprises.

Suggested Citation

  • Haijuan Xie & Jinyuan Wen & Xiaohui Wang, 2022. "Digital Finance and High-Quality Development of State-Owned Enterprises—A Financing Constraints Perspective," Sustainability, MDPI, vol. 14(22), pages 1-19, November.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:22:p:15333-:d:976826
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    References listed on IDEAS

    as
    1. Allen Berger & Iftekhar Hasan & Leora Klapper, 2004. "Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banking and Economic Performance," Journal of Financial Services Research, Springer;Western Finance Association, vol. 25(2), pages 169-202, April.
    2. Hansen, Bruce E., 1999. "Threshold effects in non-dynamic panels: Estimation, testing, and inference," Journal of Econometrics, Elsevier, vol. 93(2), pages 345-368, December.
    3. Charles J. Hadlock & Joshua R. Pierce, 2010. "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1909-1940.
    4. repec:zbw:bofrdp:2004_008 is not listed on IDEAS
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    Cited by:

    1. Jiang, Ruishi & Ruan, Jia & Long, Keru & Ni, Jianhui, 2024. "Monetary policy, corporate credit and digital transformation," Finance Research Letters, Elsevier, vol. 67(PA).
    2. Li, Wanhui & Wang, Shumin & Deng, Xinxia, 2024. "The impact of digital finance on business environment: Mediating role of industrial structural upgrading and moderating role of digital infrastructure," Finance Research Letters, Elsevier, vol. 67(PA).

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