企业数字化转型与权益资本成本:提升抑或降低?——来自中国资本市场的证据  

Digital Transformation of Enterprises and Cost of Equity Capital:Increase or Decrease?——Evidence from China's Capital Market

作　　者：赵峰[1] 高娇娇 唐昭辉 Zhao Feng;Gao Jiaojiao;Tang Zhaohui(Beijing Technology and Business University,Beijing 100048,China)

机构地区：[1]北京工商大学国际经管学院,北京100048 [2]北京工商大学经济学院,北京100048

出　　处：《金融发展研究》2023年第3期42-51,共10页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“中国外汇衍生品监管指数构建、监管效果及监管优化研究”(20BJY260)。

摘　　要：数字化转型为企业带来了积极影响,在一定程度上促进了企业的发展。以往的文献集中研究了数字化转型对企业绩效、融资约束的影响,较少关注对企业权益资本成本的作用。本文基于Python爬虫和文本分析技术自行构建中国“企业数字化转型指数”,以2010—2021年中国A股上市公司为样本进行研究,研究发现,企业数字化转型能够促进权益资本成本的降低,该项结论在进行了一系列稳健性检验后仍然成立。在影响机制方面,企业数字化转型可以通过降低信息不对称、提升股票流动性以及提升企业的创新水平等渠道促进权益资本成本的下降。进一步研究发现,对于非国有企业、低股权集中度企业和高行业集中度企业,企业数字化转型对权益资本成本的降低作用更加显著。Digital transformation has had a positive impact on the business and has contributed to its growth to some extent.Previous literature focused on the impact of digital transformation on corporate performance and investment efficiency,but paid less attention to the impact on corporate equity capital cost.Based on Python crawler and text analysis technology,this paper builds China's"enterprise digital transformation index"by taking A-share listed companies from 2010 to 2021 as samples.The study finds that digital transformation of firms can contribute to a reduction in the cost of equity capital,a finding that still holds after a series of robustness tests.In terms of impact mechanisms,the digital transformation of firms can contribute to a reduction in the cost of equity capital through channels such as reducing information asymmetry,enhancing stock liquidity,and improving firms'innovation levels.Further study finds that the effect of corporate digital transformation on the reduction of cost of equity capital is more significant for nonstate owned enterprises,low equity concentration enterprises and high industry concentration enterprises.

关 键 词：企业数字化转型 权益资本成本 信息不对称 股票流动性 创新水平 

分 类 号：F832[经济管理—金融学]