数字金融是否有利于企业的海外扩张？证据来自中国a股上市公司

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-25 DOI:10.1016/j.frl.2025.107862

Ling Xin , Yunge Han , Xiaoyan Cui

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引用次数: 0

摘要

本研究利用中国城市数字金融发展指数和中国a股上市公司数据（2011-2022年），分析数字金融发展对企业海外扩张的影响及其机制。运用工具变量两阶段最小二乘（IV-2SLS）模型，本文发现数字金融的发展显著促进了海外扩张，主要是通过数字化转型缓解融资约束和提高管理效率。影响是异质性的：对于创新能力较高、ESG绩效较好、无形资产比率较高的企业，促进作用显著，而对于这些特征水平较低的企业，促进作用不显著。

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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Does digital finance facilitate enterprises’ overseas expansion? Evidence from Chinese A—Share listed companies

This study analyzes the impact of digital finance development on corporate overseas expansion and its mechanisms using the Chinese City Digital Finance Development Index and data from Chinese A-share listed companies (2011–2022). Applying an instrumental variable two-stage least squares (IV-2SLS) model, this paper finds that digital finance development significantly promotes overseas expansion, primarily by mitigating financing constraints and enhancing managerial efficiency through digital transformation. Effects are heterogeneous: the promotion is significant for firms with higher innovation capabilities, superior ESG performance, and greater intangible asset ratios, while insignificant for those with lower levels of these characteristics.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance