数字金融、市场地位提升与企业高质量发展——来自中国体育企业的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-08-15 DOI:10.1016/j.frl.2025.108181

Zuozhi Li , Xiaoyu Liang , Peng Qiu , Dingqing Wang

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引用次数: 0

摘要

在全球经济复杂性和商业环境不确定性日益增加的背景下，了解企业如何在数字时代加强其市场地位，从而实现可持续、高质量的增长已变得势在必行。利用数字金融的赋能效应，本研究以2011 - 2022年中国所有a股上市体育企业为研究对象。基于坚实的理论框架，我们采用了一套稳健的计量经济学技术，包括固定效应估计、两阶段最小二乘法（2SLS）来解决内质性问题，以及中介分析，以识别和量化数字金融对企业发展质量的影响。结果表明，数字金融对企业高质量发展具有显著的促进作用，且这种促进作用主要通过提升市场地位来实现。另外的异质性检验表明，数字金融对非国有企业的积极影响更为明显，这凸显了股权结构的调节作用。这些发现为金融科技和战略管理文献做出了贡献，并为旨在促进文化和体育产业可持续增长的政策制定者和管理者提供了可操作的见解。

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Digital finance, market position enhancement and high-quality enterprise development: Evidence from China’s Sports Enterprises

Amid mounting global economic complexity and business-environment uncertainty, understanding how firms can strengthen their market position in the digital era and thereby achieve sustainable, high-quality growth has become imperative. Drawing on the enabling effect of digital finance, this study focuses on all Chinese A-share listed sports enterprises from 2011 to 2022. Building on a solid theoretical framework, we employ a suite of robust econometric techniques, including fixed-effects estimation, two-stage least squares (2SLS) to address endogeneity, and mediation analysis, to identify and quantify the impact of digital finance on firms’ development quality. The results show that digital finance significantly enhances high-quality corporate development, and that this effect operates chiefly through market-position upgrading. Additional heterogeneity tests reveal that the positive influence of digital finance is more pronounced in non-state-owned firms, underscoring the moderating role of ownership structure. These findings contribute to the FinTech and strategic-management literature and offer actionable insights for policymakers and managers aiming to foster sustainable growth in the culture-and-sports industry.

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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