Research on Financialization, Digital Transformation, and Financing Constraints of Construction Enterprises

In the past, scholars mainly studied the relationship between corporate financialization and digital transformation of the entire economy, without specifically analyzing individual industries. At present, Chinese construction enterprises have encountered development bottlenecks and further research is needed. Against the backdrop of the significant trend of financialization in Chinese enterprises and the new strategic deployment proposed by the Chinese government in 2023, the task of digital transformation for construction enterprises is urgent. This article chooses to use panel data of Chinese construction industry listed companies from 2012 to 2022 for empirical testing to investigate the relationship between financialization and digital transformation of construction enterprises. Research has found that: (1) Corporate financialization can make positive effect on digital transformation activities of construction enterprises; (2) Financialization of construction enterprises can alleviate financing constraints; (3) Financialization of construction enterprises weakens the inhibitory effect of financing constraints on enterprise digitization.