Can digital finance change corporate capital structure?

被引：4

作者：

Gao, Jiapin ^{[1
]}

Hu, Fang ^{[2
]}

机构：

[1] Southwestern Univ Finance & Econ, Sch Law, Chengdu 611130, Peoples R China

[2] Guangxi Univ, China ASEAN Sch Econ, Nanning 530004, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2025年 / 79卷

基金：

中国国家自然科学基金;

关键词：

Digital finance; Legal environment; Capital structure; Interaction; Debt financing; LEGAL ENVIRONMENT;

D O I：

10.1016/j.frl.2025.107272

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Based on data from Chinese firms from 2012 to 2023, this paper examines the impact of the digital financial and legal environment on firms' capital structure. The results show that digital finance has a positive impact on corporate capital structure, while the legal environment has a significant negative impact on corporate capital structure variables. The digital financial and legal environment has a substitution effect on the capital structure of enterprises, and the optimization of regional legal environment will weaken the positive effect of digital finance on the capital institutions of enterprises.

引用

页数：7

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