企业数字化转型会降低债务违约风险吗?  

Will Enterprise Digital Transformation Reduce the Risk of Debt Default?

作　　者：王守海[1] 徐晓彤[1] 刘烨炜 Wang Shouhai;Xu Xiaotong;Liu Yewei

机构地区：[1]山东财经大学会计学院,山东济南250014

出　　处：《证券市场导报》2022年第4期45-56,共12页Securities Market Herald

基　　金：教育部人文社会科学研究一般项目“会计准则体系与保险偿付能力监管规则的协调框架构建与路径优化研究”(19YJA790083);山东省自然科学基金面上项目“审计委员会专业性对分析师跟踪行为的影响研究:作用机制与经济后果”(ZR2020MG033)。

摘　　要：本文以2008—2019年A股上市公司为研究样本,系统考察企业数字化转型对债务违约风险的影响。研究发现,企业数字化转型能显著降低债务违约风险,且较高的经济政策不确定性会促进企业数字化转型降低债务违约风险的作用。基于企业微观特征的异质性分析发现,在东部地区企业和高科技企业中,数字化转型对债务违约风险的降低作用更为显著。机制检验表明,数字化转型降低债务违约风险主要通过降低经营风险、缓解融资约束和减少代理成本三条路径实现。本文结论有助于更深刻地理解数字化转型对企业高质量发展的驱动作用,更全面地评估企业数字化转型的实施效果。Based on the sample of 2008-2019 A-share listed companies,this paper investigates the impact of digital transformation on debt default risks.This study finds that digital transformation can significantly reduce debt default risks and high economic policy uncertainty will promote the reduction in debt default risks.Heterogeneity analysis of microscopic levels shows that when companies are high-tech or in eastern regions,digital transformation is more likely to significantly reduce debt default risks.The mechanism test shows that digital transformation reduces debt default risk mainly through three paths:reducing business risks,alleviating financing constraints and reducing agency cost.The research conclusion helps to understand the driving role of digital transformation on high-quality development of companies,and assess more comprehensively the implementation of companies’digital transformation.

关 键 词：数字化转型 债务违约风险 高质量发展 公司治理 数字经济 

分 类 号：F275.5[经济管理—企业管理]