The impact of digital finance on SMEs financialization: Evidence from thirty million Chinese enterprise registrations

Based on the registration information of 30 million Chinese enterprises, this study innovatively constructs a financialization index based text enterprise business scope. Then, impact digital finance small and medium-sized (SME) is examined. Specifically, screens out SMEs involved in financial transactions by counting keyword their The level SME measured at provincial level, large number samples. Empirical results panel fixed effects show that significantly inhibits financialization. On average, for each standard deviation increase finance, decreases 0.087 deviations. This conclusion remains valid after series robustness analyses. A mechanism analysis shows alleviating financing constraints, especially providing liquidity to with relatively high constraints. In addition, risk consequences are further examined, found bankruptcy risk, while alleviates constraints thus reduces risk. provides new perspective governance optimization survival environment context economy.