SUN Liru      ZHANG Zhuo

（1.School of Management, Eastern Liaoning University, Dandong 118001, China;

2.School of Humanities and Health Management, Jinzhou Medical University, Jinzhou Liaoning, 121000）

Abstract: With the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2018 as the sample, this paper empirically tests the impacts of digital finance and financial association on placement structure of debt, along with their interactive effects. The study shows that the higher the degree of financial association, the higher the proportion of bank lending and the lower the proportion of public debt. Furthermore, there exist substitution relationships between digital finance and financial association in placement structure of debt. That is to say, digital finance can weaken the positive correlation between financial association and bank lending, and the negative correlation between financial association and public debt. When the monetary policy is tight, the substitution relationships between digital finance and financial association in placement structure of debt is much stronger. The research conclusions provide reliable empirical evidence and policy implications for the development of digital finance, the integration of entity enterprises and financial institutions, and the optimization of placement structure of debt.

About the author:

Dr. Sun Liru is a lecturer and post-graduate supervisor at School of Management of Eastern Liaoning University. She is engaged in the research on accounting theory and practice.