Study on How Digital Finance Affect Growth of Small and Micro Enterprises in Manufacturing Industry Based on the Perspective of Enterprise Financialization

Xinlan Liu

2022

Abstract

Under the background of vigorous development of digital finance, the combination of digital technology and traditional finance will help alleviate and expensive the financing difficulties of small and micro enterprises, and provide new development opportunities for them. Therefore, based on the research perspective of enterprise financialization, this paper studies the impact of digital finance on enterprise growth, using the data of A-share listed manufacturing small and micro enterprises in Shanghai and Shenzhen stock markets from 2011 to 2020 for empirical research. It is found that, first, the development of digital Inclusive Financing can significantly enhance the short-term growth of enterprises. Secondly, by analyzing the mechanism, the development of digital finance can increase the proportion of financial investment of enterprises, provide high liquidity funds for enterprises, meet the investment and financing needs of small and micro enterprises, and boost the growth of enterprises. Third, the influence of digital finance on enterprise growth is heterogeneous, which is mainly due to the differences in factors such as the nature of enterprise ownership and regional development. In addition, for enterprises of different sizes, there is no significant difference in the role of digital finance development, which indicates that the development of digital finance has strong inclusiveness. Finally, this paper gives some policy suggestions.

Paper Citation

in Harvard Style

Liu X. (2022). Study on How Digital Finance Affect Growth of Small and Micro Enterprises in Manufacturing Industry Based on the Perspective of Enterprise Financialization. In Proceedings of the 4th International Conference on Economic Management and Model Engineering - Volume 1: ICEMME; ISBN 978-989-758-636-1, SciTePress, pages 295-300. DOI: 10.5220/0012029800003620

in Bibtex Style

@conference{icemme22,
author={Xinlan Liu},
title={Study on How Digital Finance Affect Growth of Small and Micro Enterprises in Manufacturing Industry Based on the Perspective of Enterprise Financialization},
booktitle={Proceedings of the 4th International Conference on Economic Management and Model Engineering - Volume 1: ICEMME},
year={2022},
pages={295-300},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0012029800003620},
isbn={978-989-758-636-1},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 4th International Conference on Economic Management and Model Engineering - Volume 1: ICEMME
TI - Study on How Digital Finance Affect Growth of Small and Micro Enterprises in Manufacturing Industry Based on the Perspective of Enterprise Financialization
SN - 978-989-758-636-1
AU - Liu X.
PY - 2022
SP - 295
EP - 300
DO - 10.5220/0012029800003620
PB - SciTePress