Research on the Impact of Digital Finance on Corporate Financial Flexibility under the Background of the New Development Pattern of "Double Cycles"

Feng-xin ZHU, Yu-fang DING, Ya-ming ZHAO


This paper selects 2013-2018 data of A-share manufacturing companies in Shanghai and Shenzhen stock markets as samples, and uses the method of double differentiation to study the impact of the policy of promoting the development of digital finance on the level of corporate financial flexibility under the background of the new development pattern of "double cycles". The research result shows that after the promotion of digital finance, the level of corporate financial flexibility has been significantly reduced. Finally, based on the above conclusions, this article puts forward relevant suggestions for enterprises and governments to improve resource utilization efficiency and rationally guide the development of digital finance.


"Double Cycle" New Development Pattern, Digital Finance, Financial Flexibility


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