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Can digital finance change corporate capital structure?

Author

Listed:
  • Gao, Jiapin
  • Hu, Fang

Abstract

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.

Suggested Citation

  • Gao, Jiapin & Hu, Fang, 2025. "Can digital finance change corporate capital structure?," Finance Research Letters, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005355
    DOI: 10.1016/j.frl.2025.107272
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