
Digital Financial Development and Financial Risks of Real Estate Enterprises ——Based on the Perspective of Financing Constraints
- 1 Hunan University of Finance and Economics
* Author to whom correspondence should be addressed.
Abstract
This paper focuses on 2011-2022 A-share real estate listed enterprises and digital financial data as objects, and empirically studies the relationship between the development of digital finance and the financial risks of real estate enterprises. Studies show: (1) the reasonable application of digital finance can effectively suppress the financial risks of real estate enterprises; (2) digital finance reduces the financial risks of real estate enterprises by easing the financing constraints. Based on this, the paper proposes policy suggestions for improving the use of digital finance and the digital financial supervision system.
Keywords
digital financial development, real estate enterprises, financial risk, financing constraints
[1]. Sun Yunpeng, Jiang Hong. The Impact of Corporate Social Responsibility and Financing Constraints on the Financial Performance of Listed Real Estate Companies in China[J]. Journal of Tianjin University of Commerce, 2022, 42(04): 53-60. DOI: 10.15963/j.cnki.cn12-1401/f.2022.04.006.
[2]. Su Y, Liu B, Yang X, et al. Research on Technological Innovation Investment, Financing Constraints, and Corporate Financial Risk: Evidence from China[J]. Mathematical Problems in Engineering, 2022, 2022.
[3]. Wang Z. Digital Finance, Financing Constraint and Enterprise Financial Risk[J]. Journal of Mathematics, 2022, 2022.
[4]. Fan Weilin, Wu Haoqiang, Liu Ying. Does Digital Finance Induce Improved Financing for Green Technological Innovation in China? [J]. Discrete Dynamics in Nature and Society, 2022, 2022.
[5]. Guan Chenghua, Zhang Wei. Empirical Research on the Efficiency of Industry Resource Allocation by Digital Finance - Based on the Weekly Yield Data of the First – Class Industry[J]. Technological Economy, 2022, 41(07): 146-158.
[6]. Yang Can, Fang Zhen, Song Xiaowei, Liang Yuhe. The influence of digital finance based on the intermediary effect of investor confidence on organizations’ financing constraints[J]. Frontiers in Psychology, 2022.
[7]. Yuhui Dai, Zhang Lu. Regional Digital Finance and Corporate Financial Risk: Based on Chinese Listed Companies[J]. Emerging Markets Finance and Trade, 2023, 59(2).
[8]. KAPLAN S N,ZINGALES L. Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? [J]. Quarterly Journal of Economic, 1997, 112(1): 169-215.
[9]. Tang Song, Wu Xuchuan, Zhu Jia. Digital Finance and Enterprise Technological Innovation – Structural Characteristics, Mechanism Identification and Effect Differences under Financial Supervision[J]. Management World, 2020, 36(05): 52-66+9. DOI: 10.19744/j.cnki.11-1235/f.2020.0069.
[10]. Fan C G, Yong-Kang M A. Regulatory Policies, Financing Constraints and Operating Capital of Real Estate Companies[J]. Accounting and Finance, 2018.
[11]. Altman E I. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy[J]. Journal of Finance, 1968, 23(4): 589-609.
[12]. Zhang Xun, Yang Tong, Wang Chen, etc. Digital Finance Development and Consumer Consumption Growth: Theory and Chinese Pract8ice. [J]. Management World, 2020, 36(11): 48-63. DOI: 10.19744/j.cnki.11-1235/f.2020.0168.
[13]. Liu Yali, He Yanlin, Wang Zhaofei, etc. Will Financing constraints Affect Foreign Direct Investment of Chinese Enterprises? – Theoretical and Empirical Analysis Based on the Micro Perspective[J]. Journal of Financial Research, 2015, No.422(08): 124-140.
Cite this article
Jiang,L. (2023). Digital Financial Development and Financial Risks of Real Estate Enterprises ——Based on the Perspective of Financing Constraints. Advances in Economics, Management and Political Sciences,40,1-8.
Data availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
Disclaimer/Publisher's Note
The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of EWA Publishing and/or the editor(s). EWA Publishing and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.
About volume
Volume title: Proceedings of the 7th International Conference on Economic Management and Green Development
© 2024 by the author(s). Licensee EWA Publishing, Oxford, UK. This article is an open access article distributed under the terms and
conditions of the Creative Commons Attribution (CC BY) license. Authors who
publish this series agree to the following terms:
1. Authors retain copyright and grant the series right of first publication with the work simultaneously licensed under a Creative Commons
Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this
series.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the series's published
version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial
publication in this series.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and
during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See
Open access policy for details).