earticle

영어

The digital economy is a new driving force for China's high-quality economic development. Fully releasing the digital economy dividend to promote the innovation and development of the real economy is an important channel to realize the high-quality development of China's economy. This paper empirically analyzes the impact of digital economy development on enterprise equity financing and equity financing and its intrinsic mechanism of action based on the use of principal component analysis to construct an indicator system for the level of digital economy development at the provincial level in China, using sample data of A-share listed companies from 2013 to 2021. The research results show that: firstly, digital economy development can significantly enhance the equity financing and debt financing ability of enterprises, and the promotion effect on debt financing is more significant. Secondly, in terms of the influence mechanism, digital economy development can enhance corporate financing by improving the level of corporate innovation, which in turn affects the comprehensive strength and internal resources of enterprises. In the context of the rapid development of the digital economy, the combination of the digital economy and the real economy should be actively promoted, the innovation dividend of the digital economy should be fully released, and the role of the digital economy in promoting the level of corporate financing should be brought into play to promote high-quality economic development.