“中国制造”背景下智能制造对公司债务融资成本的影响  

The Impact of Smart Manufacturing on Corporate Debt Financing Cost under the Background of“Made in China”

作　　者：赵烁 陆瑶[3] 马悦 Zhao Shuo;Lu Yao;Ma Yue

机构地区：[1]中国社会科学院工业经济研究所 [2]清华大学 [3]清华大学经济管理学院

出　　处：《开发性金融研究》2023年第3期77-88,共12页Development Finance Research

基　　金：教育部人文社会科学重点研究基地重大项目“数智时代资本市场变革与发展趋势研究”(22JJD790047);清华大学经济管理学院“影响力”提升计划项目“数智时代下的资本市场投融资与风险管理”(2022051006)。

摘　　要：本文以2015—2018年我国智能制造试点示范项目为研究对象,以项目所属上市公司2009—2022年的观测值为样本,运用PSM-DID模型分析智能制造对公司债务融资成本的影响。研究发现智能制造能够有效降低公司的债务融资成本。渠道分析发现智能制造对债务融资成本的影响是通过改善公司收益质量,使公司更受债权人青睐而降低风险补偿。异质性分析发现智能制造降低公司融资成本的利好影响对国有企业影响不明显,但对小规模企业和自身创新能力较差的企业影响显著。最后提出我国应持续加强智能制造,尤其重点关注民营、低创新以及中小企业智能制造的应用,积极鼓励大数据、云计算以及区块链等新兴技术发展的建议。本文拓展了智能制造在公司金融领域的研究广度,对借贷市场借贷双方投融资决策具有一定参考价值,对国家顶层设计布局产业发展具有一定的借鉴意义。This article takes the pilot demonstration project of intelligent manufacturing in China from 2015 to 2018 as the research object,and takes the observation values of the listed company to which the project belongs from 2009 to 2022 as the sample,then analyzes the impact of intelligent manufacturing on the company’s debt financing cost through the PSM-DID model.Research finds that intelligent manufacturing can effectively reduce the cost of corporate debt financing.Channel analyses find that intelligent manufacturing can reduce debt financing costs by improving the company’s revenue quality,making the company more favored by creditors and reducing the required risk compensation.Heterogeneity analyses find that the impact of intelligent manufacturing on company financing costs is not significant enough for state-owned enterprises,but it has significant impacts on small-scale enterprises and enterprises with poor innovation capabilities.Finally,this paper proposes that China should continue to strengthen intelligent manufacturing,especially intelligent manufacturing applications in special fields,and should also actively encourage the development of Big data,Cloud Computing,Blockchain and other new technologies.This article has certain reference significance for the country to layout industrial development from the perspective of top-level design.

关 键 词：智能制造 债务融资成本 收益质量 

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