Whether Digital Finance Can Reduce the Financial Risk of Real Estate Enterprises: Based on the Perspective of Corporate Governance and Financing Constraints

The debt risk of China’s real estate industry has a great impact on China’s macroeconomic conditions, so it is of great significance to explore a way to reduce the financial risk of the real estate industry to maintain the stability of China’s economy. This paper selects the data of listed real estate enterprises from 2012 to 2022 to empirically study the relationship between digital finance and the financial risk of real estate enterprises. The results show that (1) digital finance reduces the financial risk of enterprises by alleviating financing constraints; and (2) the level of corporate governance has a positive moderating effect on the relationship between digital finance and corporate financial risk. This paper puts forward some suggestions from three aspects: promoting the development of digital finance, improving the enterprise management system, and coordinating the development and supervision of digital finance with the government.