Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)

2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)

📍Beijing, China🗓️ 12-14 June 2026
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Enterprise Digital Investment and Financialization

Authors
Sicen Wang1, *
1Hong Kong Baptist University, 224 Waterloo Road, Kowloon Tong, Kowloon, Hong Kong, China
*Corresponding author. Email: aa88015566@163.com
Corresponding Author
Sicen Wang
Available Online 30 September 2026.
DOI
10.2991/978-94-6239-777-4_66How to use a DOI?
Keywords
Enterprise digital investment; Corporate financialization; Shift from real to virtual; Digital transformation
Abstract

The deep integration of the digital economy with the real economy has raised a counterintuitive question: does enterprise digital investment unintentionally intensify financialization? Using a sample of Chinese A-share listed firms from 2009 to 2024, this study employs a fixed-effects model to examine how digital investment affects financialization and the underlying mechanisms. The results show a significant negative effect, which remains robust after lagging variables, altering the sample period, and adding controls. The mediation analysis indicates that digital investment suppresses financialization through three channels: improving internal governance to curb managerial short-termism, strengthening core business investment to crowd out financial resources, and increasing external monitoring pressure. Heterogeneity analysis reveals that the inhibitory effect is stronger in eastern regions and state-owned enterprises. These findings highlight the governance role of digital investment in promoting a shift from virtual to real economic activity, offering theoretical and policy insights for advancing digital transformation while mitigating financialization risks.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
30 September 2026
ISBN
978-94-6239-777-4
ISSN
2352-5428
DOI
10.2991/978-94-6239-777-4_66How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Sicen Wang
PY  - 2026
DA  - 2026/09/30
TI  - Enterprise Digital Investment and Financialization
BT  - Proceedings of the 2026 8th International Conference on Economic Management and Cultural Industry (ICEMCI 2026)
PB  - Atlantis Press
SP  - 642
EP  - 653
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-777-4_66
DO  - 10.2991/978-94-6239-777-4_66
ID  - Wang2026
ER  -