数字化转型与企业资本结构动态调整  

Research on the Impact of Digital Transformation on the Dynamic Adjustment of Corporate Capital Structure

作　　者：沈剑飞[1] 李亚杰 王涛 贾西猛 SHEN Jian-fei;LI Ya-jie;WANG Tao;JIA Xi-meng(School of Economics and Management,North China Electric Power University,Beijing 102206,China;ChineseAcademy of Financial Sciences,Beijing 100142,China;Business School,Sichuan University,Chengdu 610064,China)

机构地区：[1]华北电力大学经济与管理学院,北京102206 [2]中国财政科学研究院,北京100142 [3]四川大学商学院,四川成都610064

出　　处：《统计与信息论坛》2022年第12期42-54,共13页Journal of Statistics and Information

基　　金：国家自然科学基金青年项目“基于私人关系的风险投资家与创业企业家合谋行为研究:表现、机制与治理”(72002144)。

摘　　要：近年来,数字经济蓬勃发展,成为供给侧结构性改革的重要抓手。深入探究数字经济助推供给侧结构性改革的微观反应对服务实体经济发展具有重要意义。选取2010—2020年中国沪深A股上市公司为样本,基于数字经济的微观主体企业数字化转型,以“去杠杆”为落脚点,探究数字化转型对资本结构动态调整的影响。实证结果发现,企业数字化转型显著加快了资本结构的动态调整,降低了企业实际资本结构与目标资本结构的偏离程度。机制检验发现,数字化转型通过降低信息不对称和代理成本加速资本结构的动态调整。进一步研究发现,数字化转型对资本结构调整影响在调整方向上没有显著性差异,但是考虑调整方向后,企业数字化转型在不同产权属性和不同产品市场竞争程度下有着显著的非对称效果。研究结论为理解数字经济助推供给侧结构性改革提供微观层面证据的同时,也为企业数字化转型优化资本结构提供了重要的实践指导意义。In recent years,the digital economy has developed vigorously and become an important driver of supply side structural reform.On the one hand,the rapid development of digital economy led by digital information technology,which maintains the contribution rate to the sustained growth of GDP,is becoming the core and key force driving China’s economic growth;On the other hand,“deleveraging”,as one of the key tasks of the supply side structural reform,has been highly valued by the Chinese government.The essence of deleveraging and stabilizing leverage is the process of dynamic adjustment of the capital structure of micro enterprises.Therefore,it is important to deeply explore the micro reflection of the digital economy contributing to the supply-side structural reform to serve the development of the real economy.Based on the digital transformation of micro enterprises in the digital economy,the impact of digital transformation on the dynamic adjustment of capital structure is explored by taking the data of China’s non-financial listed companies in Shanghai and Shenzhen A-shares from 2010 to 2020.The empirical findings are as follows:first,digital transformation significantly accelerates the dynamic adjustment of capital structure and reduces the deviation of actual capital structure from the target capital structure.Second,mechanism tests find that digital transformation accelerates the dynamic adjustment of capital structure by reducing information asymmetry and agency costs.Third,after distinguishing the capital structure adjustment direction,no significant difference is found in the speed of capital structure adjustment by firms’digital transformation.Further,after differentiating the direction of capital structure adjustment,digital transformation of firms has significant asymmetric effects under different property rights nature and different degree of product market competition.Specifically,when considering the difference in property rights,digital transformation has a more significant effect on the upwa

关 键 词：数字化转型 信息不对称 代理成本 资本结构 调整速度 

分 类 号：F275.1[经济管理—企业管理]