Promoting Firm Growth Performance Through Digital Finance: Empirical Insights from Chinese Manufacturing Enterpriseserprisese Manufacturing Enterprises

Abstract

Digital financial tools have emerged as essential for

enterprises, playing a pivotal role in alleviating financing constraints,

improving resource allocation efficiency, and transforming innovation

and development patterns. However, there is limited research on how

digital finance (DF) affects a company's growth performance. This article

develops a theoretical framework of "digital finance-entrepreneurial

opportunities-inefficient investment-firm growth performance" based on

the resource-based view. Using data from a survey of 302 Chinese

manufacturing enterprises, it examines the moderating role of big data

analysis capabilities. The results showed that: (1) DF has a positive effect

on enterprise growth performance; (2) Entrepreneurial opportunities and

inefficient investment mediate the relationship between DF and growth;

and (3) Big data analytics capabilities strengthen the positive impact of

DF on entrepreneurial opportunities and increase its negative effect on

inefficient investment. This research provides insights into how variables

are measured and explores mechanisms within the realms of DF and

entrepreneurial opportunities. It broadens the application of DF,

entrepreneurial opportunities, and inefficient investment in the context of

enterprise growth. Additionally, it aims to offer valuable decision-making

guidance for enterprises striving to improve their growth outcomes