Abstract: According to Accenture's 2021 China Enterprise Digital Transformation Index Study, most Enterprises in China are still in the exploratory stage of digital transformation, and only 16% of enterprises have achieved great results in their transformation. As the financial market is affected by digital revolution, digital finance emerges as technology and financial services are organically combined. The rise of digital finance reduces the information asymmetry and resource mismatch in the financial market, and can provide effective solutions to the problem of high risk and high cost faced by enterprises in digital transformation. So, does digital finance significantly promote the digital transformation of Chinese enterprises? What is the mechanism of its influence? Theoretically, digital finance has both direct and indirect impacts on the digital transformation of enterprises. For one thing, digital finance provides a solid capital foundation and a series of high-quality technical tools for the digital transformation of enterprises, enabling enterprises to accurately match the risk characteristics of digital projects with available resources. This will directly promote the process of digital transformation. For another, the development of digital finance can ease financing constraints, optimize the business environment, improve the level of risk taking and encourage managers to increase R&D expenditure, so as to indirectly promote the digital transformation of enterprises.
Based on theoretical analysis, this paper takes the data of Shanghai and Shenzhen A-share non-financial listed companies from 2011 to 2019 as samples, and uses the Python crawler technology and the text mining technology to quantitatively measure the degree of enterprise digital transformation. On the basis of this, it empirically tests the influence of digital financeon digital transformation of enterprises and its internal mechanism. The results show that digital finance can significantly drive the digital transformation of enterprises, and this conclusion still holds after a series of robustness tests such as considering endogenous problems, replacing key variables, controlling industry effect, increasing control variables, and adopting panel quantile regression. Based on the analysis of enterprise heterogeneity, it is found that digital finance plays a relatively large role in promoting the digital transformation of state-owned enterprises and technology-intensive enterprises, but does not have an obvious promoting effect on the digital transformation of early-stage enterprises. From the perspective of regional heterogeneity, digital finance currently drives the digital transformation of enterprises in eastern and southern regions, while the driving effect of digital finance on enterprises in central, western and northern regions has not been highlighted. The mechanism test shows that digital finance can promote enterprises' digital transformation through the following four channels: easing financing constraints, optimizing the business environment, improving the risk taking level and increasing the R&D expenditure.
In order to accelerate the formation of a new pattern of digital transformation and achieve high-quality development of China's economy, this paper puts forward several policy implications: First, form a new driving force represented by digitalization. Local governments should follow the trend of digitalization, using digital technology to empower traditional businesses in all fields, all directions and the whole chain while cultivating and expanding the digital industry, with hardware facilities upgrading as the focus, software service optimization as the starting point to effectively promote the digital transformation of enterprises. Second, attach importance to the driving effect of digital finance. On the premise of preventing systemic financial risks, digital finance should be given more policy support, such as formulating scientific credit investigation data standards, improving the digital finance credit investigation system and the sharing mechanism of credit investigation data resources, and creating a good credit environment for digital finance to serve the real economy. Third, create an incentive compatible external environment for innovation. In the process, a group of highly professional and service-oriented national technology transfer institutions should be established, and the construction of the technology transfer network of innovation resources such as R&D capital, R&D personnel and data should be accelerated, so as to improve the openness and mobility of innovation resources and overcome the resource constraints faced by enterprises in the process of digital transformation.

Key words: Digital Transformation, Digital Finance, Text Mining, High-quality Development

摘要： 本文以2011—2019年沪深A股非金融类上市公司为研究样本,在借助Python爬虫技术和文本挖掘技术定量测度企业数字化转型程度的基础上,实证检验数字金融这一新兴金融业态对企业数字化转型的影响及其内在机理。结果显示,数字金融显著驱动企业数字化转型,且对国有企业、技术密集型企业及东部和南方地区企业数字化转型的促进作用更大。进一步的机制检验表明,数字金融通过缓解融资约束、优化营商环境、提高风险承担水平、增加研发支出四个渠道促进企业数字化转型。本文通过探索和识别激发企业数字化战略变革的外部条件,为加速形成数字化转型新格局、实现我国经济高质量发展提供有益借鉴。

关键词: 数字化转型, 数字金融, 文本挖掘, 高质量发展