The Impact of Digital Financial Inclusion on Corporate Financial Risk: An Empirical Study Based on Chinese A-Share Listed Companies

With the rapid advancement of digital technologies, digital financial inclusion has emerged as a crucial means to enhance the accessibility of financial services and promote economic development. However, while offering convenience to enterprises, digital financial inclusion may also introduce new financial risks. This research centers on Chinese A-share listed companies to investigate how digital financial inclusion influences corporate financial risk and the underlying mechanisms. Initially, the study revisits the definition and the current progress of digital financial inclusion. Subsequently, theoretical models and research hypotheses are proposed to examine its impact on enhancing corporate financing capacity, improving financial structures, and optimizing management processes, while also identifying potential risks such as higher leverage, increased financing risk, and operational challenges. Through empirical analysis, this study explores the diverse effects of digital financial inclusion on corporate financial risk, the moderating role of financial regulation, and evaluates the influence of regional marketization levels and disparities in traditional financial development. The results indicate that digital financial inclusion can reduce corporate financial risk under certain conditions, though its effectiveness is constrained by various factors. Finally, this study offers policy recommendations and corporate management strategies to provide valuable references for risk management in the digital finance era.