Promoting Firm Growth Performance Through Digital Finance: Empirical Insights from Chinese Manufacturing Enterpriseserprisese Manufacturing Enterprises
DOI:
https://doi.org/10.65514/h5jahe19Keywords:
Digital finance, Entrepreneurial opportunities, Inefficient investment, Firm growth performance, Big data analytics capabilitiesAbstract
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
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