题目：Home country digital finance development and post-entry internationalization speed of emerging market SMEs: Empirical evidence from China

作者:  Chao Zhou（周超）;  Jinglin Liao*

期刊: 《International Review of Financial Analysis》

出版时间:   2024，Volume91

DOI: 10.1016/j.irfa.2023.103016

等级：T2类

摘    要

Digital finance development (DFD) has profoundly impacted various aspects of our society. This study investigates how home country DFD affects the post-entry internationalization speed (PIS) of small and mediumsized enterprises (SMEs) in emerging markets. Using data on Chinese manufacturing SMEs from 2011 to 2020, we find that home country DFD exerts a significantly positive impact on emerging market SMEs' PIS. In particular, this positive impact is especially pronounced for SMEs led by CEOs with overseas experience, those in high-tech industries, and those in home country regions with a high level of traditional finance development. The mechanism analysis demonstrates that home country DFD enhances SMEs' PIS through two channels: easing firm financing constraints and improving firm productivity. Our findings advance the knowledge about the economic effects of DFD and the determinants of PIS.

关键词 ：Digital finance; Post-entry internationalization speed; Financing constraint; Firm productivity; SME

基金资助：National Natural Science Foundation of China (NSFC) 72102075.Guangdong Planning Office of Philosophy and Social Science(GD23YYJ26、GD23YYJ07).14th Five-Year Plan of Philosophy and Social Science Development in Guangzhou(2023GZQN25）

责任编辑：董晓玲

审    定：黄  松