数字化转型对企业债务融资成本的影响研究  

The Impact of Digital Transformation on Enterprise Debt Financing Cost

作　　者：刘梦莎 邵淇 阮青松[1] LIU Meng-sha;SHAO Qi;RUAN Qing-song(School of Economics and Management,Tongji University,Shanghai 200092,China;School of Insurance,Central University of Finance and Economics,Beijing 102206,China)

机构地区：[1]同济大学经济与管理学院,上海200092 [2]中央财经大学保险学院,北京102206

出　　处：《财经问题研究》2023年第1期63-72,共10页Research On Financial and Economic Issues

基　　金：上海市科学技术委员会“科技创新行动计划”软科学一般项目“科创板金融中介机构的市场化定价能力研究:特征事实、制约因素与政策建议”(22692113200);上海市哲学社会科学规划课题“上海构建高端产业引领的产业发展体系研究:基于高端制造业与现代服务业深度融合的视角”(2020BJB019)。

摘　　要：基于2009—2020年中国沪深A股上市公司数据,本文采用固定效应模型实证检验了企业数字化转型对企业债务融资成本的影响及其作用机制。研究结果显示:企业数字化转型可以显著降低企业债务融资成本,企业数字化转型程度越高,企业债务融资成本越低;企业数字化转型通过增加媒体对企业的关注度和降低企业财务风险来降低企业债务融资成本;企业数字化转型对企业债务融资成本的降低作用在中小型企业和竞争性行业企业中更加显著。本文丰富了数字化转型对微观经济主体影响方面的研究,为缓解企业融资约束提供了新思路,也为推进企业数字化转型和实体经济新旧动能转换的差异化支持政策提供了参考。Based on the data of China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2020,this paper empirically examines the impact of enterprise digital transformation on enterprise debt financing cost and its mechanism using the fixed effect model.The results show that enterprise digital transformation can significantly reduce the enterprise debt financing cost.The higher the degree of enterprise digital transformation,the lower the enterprise debt financing cost.The digital transformation of enterprises can reduce enterprise debt financing cost by increasing the media’s attention to enterprises and reducing the financial risks of enterprises.The digital transformation of enterprises has a more significant effect on reducing the enterprise debt financing cost in small and medium-sized enterprises and enterprises in competitive industries.This paper enriches the research on the impact of digital transformation on microeconomic entities,provides new ideas for easing enterprise financing constraints,and also provides a reference for differentiated support policies to promote enterprise digital transformation and the transformation of old and new drivers of the real economy.

关 键 词：数字化转型 企业债务融资成本 媒体关注度 财务风险 

分 类 号：F406.7[经济管理—产业经济]