Can digital finance change corporate capital structure?
Jiapin Gao and
Fang Hu
Finance Research Letters, 2025, vol. 79, issue C
Abstract:
Based on data from Chinese firms from 2012 to 2023, this paper examines the impact of the digital financial and legal environment on firms' capital structure. The results show that digital finance has a positive impact on corporate capital structure, while the legal environment has a significant negative impact on corporate capital structure variables. The digital financial and legal environment has a substitution effect on the capital structure of enterprises, and the optimization of regional legal environment will weaken the positive effect of digital finance on the capital institutions of enterprises.
Keywords: Digital finance; Legal environment; Capital structure; Interaction; Debt financing (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005355
DOI: 10.1016/j.frl.2025.107272
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