디지털 금융 혁신이 중국 기업의 재무성과에 미치는 영향 = The Impact of Digital Financial Innovation on Firm Performance in China

다국어 초록 (Multilingual Abstract)

Purpose: Technological innovation has spurred the convergence of finance and technology, giving rise to novel forms of finance known as digital finance and catalyzing various transformative changes. This study aims to illuminate the impact of such digital financial innovation on corporate performance. To achieve this goal, the study utilizes the Digital Financial Inclusion Index from Peking University to conduct empirical research.
Composition/Logic: This study consists of five chapters. The first chapter, the introduction, elucidates the motivation and objectives of the research. The second chapter delves into the current state of digital financial innovation in China and provides the theoretical background regarding the impact of digital financial innovation. It also establishes the research hypotheses. Moving on to the third chapter, the research methodology is outlined, encompassing the research model, variables, and measurement for hypothesis testing. The fourth chapter summarizes and presents the results of hypothesis testing. Finally, in the fifth chapter, implications and limitations of the paper are discussed.
Findings: For a research period spanning from 2013 to 2018, a panel dataset was constructed, comprising a total of 558 firms and 3,347 observations. Utilizing this dataset, hypothesis testing was conducted. The results revealed that among three components assessing the extent of digital financial innovation – namely, breath of coverage, breath of depth, level of digitalization – only the breath of coverage exhibited a positive impact on a firm's financial performance.
Originality/Value: China is leading the way in digital financial innovation. It boasts the world's largest digital financial industry, characterized by prominent growth momentum. This unique landscape makes it a fitting subject for investigating the impact of digital financial innovation on businesses. Despite its significance, empirical research at the corporate level regarding the effects of such innovation remains relatively limited. Hence, this study concentrates on this less-explored aspect.