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

Haijuan Xie, Jinyuan Wen and Xiaohui Wang ()
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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

Sustainability, 2022, vol. 14, issue 22, 1-19

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.

Keywords: digital finance; financing constraints; high-quality development of state-owned enterprises; supply chain finance; shareholding ratio of institutional investors (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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