企业数字化转型对债务融资成本的影响研究  

A Study on the Impact of Enterprise Digital Transformation on the Debt Financing Cost

作　　者：许云霄[1] 柯俊强 刘江宁 翟翟 Xu Yunxiao;Ke Junqiang;Liu Jiangning;Zhai Zhai

机构地区：[1]北京大学经济学院 [2]对外经济贸易大学马克思主义学院

出　　处：《宏观经济研究》2023年第4期14-26,116,共14页Macroeconomics

基　　金：北京市社科基金北京市习近平新时代中国特色社会主义思想研究中心一般项目“国际产能合作推进‘一带一路’高质量发展研究”(22LLMLC052)的资助。

摘　　要：数字经济业已成为国家经济增长的新动能。本文基于2007—2020年沪深A股上市企业的数据,以企业年报中数字化转型特征词汇的词频衡量企业数字化转型强度,通过固定效应模型检验企业数字化转型对债务融资成本的影响。研究发现,企业数字化转型使得企业的债务融资成本显著上升,并通过了一系列稳健性检验。此外,企业数字化转型提升债务融资成本的效应存在异质性,这一效应在非国有企业、处于高新技术行业的企业中更为突出。基于上述研究结论,本文分别从政府、市场、企业三个层面提出了推动中国企业数字化转型的差异化对策建议。The digital economy has become a new driving force for the country's economic growth.Based on the data of Shanghai and Shenzhen A-share listed enterprises from 2007 to 2020,this paper measures the intensity of enterprises'digital transformation by the word frequency of digital transformation characteristic terms in enterprises annual reports,and examines the impact of enterprises'digital transformation on debt financing costs through a fixed-effects model.It is found that the digital transformation of enterprises makes the debt financing cost increase significantly and passes a series of robustness tests.In addition,there is heterogeneity in the effect of enterprise digital transformation on raising debt financing cost,and this effect is more prominent among non-state-owned enterprises and enterprises in high-tech industries.Based on the above findings,this paper proposes differentiated countermeasures to promote the digital transformation of Chinese enterprises at three levels:government,market,and enterprises,respectively.

关 键 词：数字化转型 债务融资成本 融资约束 

分 类 号：F275[经济管理—企业管理] F49[经济管理—国民经济] F832.51