Digital finance, investor sentiment, and corporate investment and financing

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-24 DOI:10.1016/j.irfa.2025.104664

Dan Zhu , Jingjuan Wang , Shaohua Wang

引用次数: 0

Abstract

This paper looks at the significance of digital finance and investor sentiment on corporate financing and investment, while also probing the moderating effect of investor sentiment in the relationship between digital finance and corporate financing. Empirical analysis indicates that: (i) digital finance has a positive significant effect on corporate financing, and the effect is much stronger in firms with much higher digital finance; (ii) investor sentiment also has a positive significant effect on corporate financing and investment; (iii) investor sentiment has a moderating effect in the relationship of digital finance with corporate financing, and the moderating effect has a significant heterogeneity in terms of the types of corporations and the type of equity balances.

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数字金融、投资者情绪、企业投融资

本文考察了数字金融和投资者情绪对企业融资和投资的意义，同时探讨了投资者情绪在数字金融与企业融资关系中的调节作用。实证分析表明：(1)数字金融对企业融资具有显著的正向影响，且数字金融水平越高的企业对企业融资的影响越强；（二）投资者情绪对企业融资和投资也有显著的正向影响；（三）投资者情绪对数字金融与企业融资的关系具有调节作用，且调节作用在企业类型和股权余额类型上存在显著异质性。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.