Does Digital Finance Fuel Corporate Financialization? Evidence from China’s Real Sector and Its Implications for Sustainable Development
デジタル金融は企業の金融化を促進するか？中国実体経済からの証拠と持続可能な発展への示唆 (AI 翻訳)
T. X. Wang
🤖 gxceed AI 要約
日本語
本研究は、中国のA株非金融企業のデータを用いて、デジタル金融が企業の金融資産投資を促進し、過度な金融化を加速させることを実証。特に非技術集約型企業やCEOに金融背景がない企業で顕著。メカニズムとして、資金調達制約の緩和とレバレッジ低下が金融投資を促し、中核事業の業績を弱めることを示す。持続可能な資本配分への示唆を提供。
English
This study examines whether digital finance promotes corporate financialization in China's real sector, using A-share listed non-financial firms from 2011-2023. It finds that digital finance significantly increases financial asset allocation, especially in non-tech-intensive firms and those led by CEOs without financial backgrounds. Mechanism analysis shows that easing financing constraints and reducing leverage drive this effect, which weakens core business performance. The findings offer implications for guiding digital finance toward real-economy development and sustainable capital allocation.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、デジタル金融と企業行動の関連は注目されるが、GX文脈では直接的な示唆は限定的。日本企業の金融化と持続可能な投資の関係を考える際の参考になる可能性がある。
In the global GX context
Globally, this paper contributes to the literature on digital finance and corporate financialization, with implications for sustainable capital allocation. However, its direct relevance to climate disclosure or transition finance is limited, as it focuses on financial asset allocation rather than environmental outcomes.
👥 読者別の含意
🔬研究者:Researchers studying digital finance and corporate financialization may find the empirical evidence from China useful for comparative studies.
🏛政策担当者:Policymakers interested in the effects of digital finance on real-economy investment and sustainable development may note the findings.
📄 Abstract（原文）
This study investigates whether digital finance promotes corporate financialization in China’s real sector and examines its implications for sustainable development. Using data from Chinese A-share listed non-financial companies from 2011 to 2023, a two-way fixed-effects model is constructed to evaluate the influence of digital finance on financial asset investment by real-sector enterprises. Digital finance is measured using the Peking University Digital Inclusive Finance Index, while corporate financialization is measured by the proportion of financial assets to total assets. The results show that digital finance significantly increases financial asset allocation by real enterprises and accelerates over-financialization. This effect is more pronounced among non-technology-intensive firms, enterprises led by chief executive officers without financial backgrounds, and firms in non-high-pollution industries. Mechanism analysis indicates that digital finance promotes financial investment by alleviating financing constraints and reducing financial leverage, thereby creating additional space for financial asset allocation. Further analysis shows that such financial investment weakens core business performance. The findings provide empirical evidence for guiding digital finance toward real-economy development and sustainable capital allocation.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://www.aemjournal.org/index.php/AEM/article/download/3437/1121first seen 2026-08-17 05:28:43 · last seen 2026-08-18 04:56:00
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