How digital credit platforms impact the ability of businesses to raise finance?

作者：Yuanbin Xu, Yani Wang, Yuchen Wang, Xin Zeng, Fucai Lu · 发表于：Applied Economics · 年份：2025 · DOI：10.1080/00036846.2025.2536744 · 被引用次数：1 · 研究领域：FinTech, Crowdfunding, Digital Finance、Microfinance and Financial Inclusion、Banking stability, regulation, efficiency

Employing panel data from Chinese-listed enterprises from 2002 to 2022 within a quasi-natural experiment framework of digital social credit platforms, this study examines big data’s impact on corporate financing through public credit information. Findings indicate that these platforms alleviate financing constraints, expand funding scale and enhance efficiency. Mechanisms include the mitigation of adverse selection, reduction of default risk and optimization of resource allocation through credit structure and cost adjustments. Public credit information is shown to improve financial environments, thereby strengthening financing capacity. Heterogeneity analyses reveal differential impacts: benefits are amplified for firms with established credit records; manufacturing entities and those in low-competition markets experience constraint alleviation; significant scale and efficiency gains are observed in eastern regions, demonstrating pronounced geographical variation. This research elucidates digital platforms’ role in modern finance and supports deeper digital-real economy integration.