Digital finance and corporate credit rent-seeking: The role of financing constraints and bank competition

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-04-09 DOI:10.1016/j.pacfin.2025.102778

Wenjing Xiong , Wenhua Liu , Fenghua Wen

引用次数: 0

Abstract

This study uses firm-level data from Chinese companies spanning 2012 to 2021 to investigate the influence of digital finance on corporate credit rent-seeking activities. Our analysis shows that the evolution of digital finance restricts corporate credit rent-seeking activities. Specifically, digital finance mitigates corporate credit rent-seeking activities by alleviating financing constraints and intensifying competition among banks. Furthermore, the restrictive impact is more pronounced for non-state firms and firms with lower analyst attention. We also find that the mitigating effect of digital finance on corporate credit rent-seeking activities is more substantial in provinces with higher levels of financial supervision expenditures. These findings offer insights for the government to enhance financial regulation and promote the rational allocation of financial resources.

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数字金融与企业信用寻租：融资约束与银行竞争的作用

本研究使用2012年至2021年中国企业的企业层面数据，调查数字金融对企业信贷寻租活动的影响。我们的分析表明，数字金融的演进限制了企业的信贷寻租行为。具体而言，数字金融通过缓解融资约束和加剧银行之间的竞争，缓解了企业的信贷寻租活动。此外，对于非国有企业和分析师关注度较低的企业，限制性影响更为明显。我们还发现，在金融监管支出水平较高的省份，数字金融对企业信贷寻租行为的缓解作用更为显著。研究结果为政府加强金融监管，促进金融资源合理配置提供了参考。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.