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How government digital attention alleviates enterprise financing constraints: An enterprise digitalization perspective

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  • Peng, Zihao
  • Huang, Yiqi
  • Liu, Luanhong
  • Xu, Wanli
  • Qian, Xihong

Abstract

This study emphasizes the impact of government interventions on improving enterprise financing in the digital age. By analyzing data from China's A-share listed companies spanning 2011 to 2021, it reveals that government digital attention significantly alleviates enterprise financing constraints. These findings remain robust after rigorous endogeneity and robustness tests. The study further elucidates that government digital attention facilitates enterprise digital transformation and innovation, which, in turn, ameliorates enterprise financing constraints. This elucidation of a dual-mechanism model augments the scholarly comprehension of the interplay between governmental initiatives and enterprise financing, providing imperative implications for policy formulation.

Suggested Citation

  • Peng, Zihao & Huang, Yiqi & Liu, Luanhong & Xu, Wanli & Qian, Xihong, 2024. "How government digital attention alleviates enterprise financing constraints: An enterprise digitalization perspective," Finance Research Letters, Elsevier, vol. 67(PB).
    • Handle: RePEc:eee:finlet:v:67:y:2024:i:pb:s1544612324009139
    DOI: 10.1016/j.frl.2024.105883
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    Cited by:

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    3. Liu, Rong & Duan, Na & Liu, Jingyi, 2025. "Research on the impact of social media advertisement placement on enterprises' economic benefits," International Review of Economics & Finance, Elsevier, vol. 102(C).
    4. Wei, Xiaokun & Jiang, Yan & Gan, Tian & Zou, Honghui, 2025. "One click into capital: The impact of digital government on venture capital," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    5. Zhang, Meng-Chen & Wang, Guan, 2025. "Female CEOs, digital transformation and green innovation of small and medium-sized enterprises," Finance Research Letters, Elsevier, vol. 86(PD).
    6. Meng, Lamei & Wang, Huijun & Liao, Liyi, 2025. "The dynamic impact mechanism of digital government development on enterprise digital transformation: A quasi-natural experiment analysis based on big data governance institutional reform," Finance Research Letters, Elsevier, vol. 85(PD).
    7. Liu, Guiling & Liu, Ruifeng & Tian, Mengling & Wang, Jian & Ma, Hengyun, 2025. "Heterogeneous impact of digital economy on employment quality of female migrant workers in an emerging economy: Evidence from China," World Development, Elsevier, vol. 195(C).
    8. Li, Xiang & Yue, Shujing, 2025. "Does the government digital attention improve China's digital economy output efficiency: Accelerator or inhibitor," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 607-625.
    9. Dongmin Yao & Yuerui Li & Bohang Gu & Mengqi Cui, 2026. "The private sector impacts of fiscal transfers to old revolutionary base areas: evidence from a fiscal expansion perspective," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 75(2), pages 1-42, June.
    10. Qian, Shuitu & Yang, Zhenyu & Fang, Xia, 2025. "Bank fintech and corporate green transformation quality improvement: based on greenwashing governance perspective," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 401-423.
    11. Zhang, Mengting & Bao, Ziwen & Chen, Binghao & Yu, Feng, 2025. "Can enhanced intra-regional transport accessibility alleviate corporate financing constraints? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    12. Chao Gao & Jiayu Fang, 2025. "The Green Effect of Digital Intelligence in Chinese Cities: An Empirical Investigation Based on Big Data and Machine Learning Methods," Sustainability, MDPI, vol. 17(15), pages 1-20, July.

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    Keywords

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    JEL classification:

    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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