Digital finance, liquidity management, and stock price crash
Year: 2026
Type: article
Abstract: This study empirically examines the moderating role of digital financial technology (DFT) in the relationship between corporate liquidity management and stock price crash risk, using panel data from Chinese listed companies between 2014 and 2023 and employing text mining methods. The results show that corporate liquidity management significantly inhibits stock price crash risk, and this inhibitory effect differs significantly between firms with high financial leverage and those with low financial leverage. Furthermore, DFT plays a significant positive moderating role in the relationship between corporate liquidity management and stock price crash risk, with this moderating effect exhibiting heterogeneity among firms with varying levels of financial institution support. The study provides new empirical evidence for understanding how micro-level corporate financial decisions influence capital market stability in the era of digital finance.
Authors: Yongbo Xu, Na Tang
Institution: Puyang Vocational and Technical College
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: gold
Estimated APC paid: $1,930
OpenAlex ID: W7155175033