数字化转型能破解企业融资约束吗?——商业信用融资视角  

Can Digital Transformation Break the Financing Constraints of Enterprises? From the Perspective of Trade Credit Financing

作　　者：李健[1] 李俊豪 李晏墅[1] LI Jian;LI Jun-hao;LI Yan-shu(School of Business,Nanjing Normal University,Nanjing 210023,China)

机构地区：[1]南京师范大学商学院,江苏南京210023

出　　处：《现代财经（天津财经大学学报）》2023年第7期21-37,共17页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家社会科学基金项目(19BGL042)。

摘　　要：商业信用融资作为一种非正式的融资渠道,对企业生产经营起到至关重要的保障作用。本文以2011—2020年中国A股上市企业作为研究样本,研究了数字化转型对商业信用融资的影响。研究发现:数字化转型有助于企业获得更多的商业信用融资。机制检验表明,信息透明度是数字化转型正向影响企业商业信用融资获取的作用机制之一。异质性检验发现,数字化转型对企业商业信用融资获取的促进作用在高科技行业、高战略差异度、成熟期和低管理层持股比例的企业中更显著。进一步分析表明,数字化转型对企业商业信用融资获取的提升作用主要是在底层技术运用层面;数字化转型所带来的商业信用融资效果有助于企业创新和高质量发展。本文为商业信用融资研究提供了数字化转型的新视角,同时也为充分发挥数字技术赋能效应,助力企业高质量发展提供了有益参考。As an informal financing channel,trade credit financing plays a vital role in ensuring the production and operation of enterprises.This paper takes China's A-share listed companies from 2011 to 2020 as a research sample to study the impact of digital transformation on trade credit financing.The research finds that,digital transformation helps enterprises obtain more trade credit financing.The mechanism test shows that information transparency is one of the mechanisms that digital transformation is positively affecting the acquisition of trade credit financing.The heterogeneity test finds that the promotion effect of digital transformation on the acquisition of trade credit financing is more significant in high-tech industries,enterprises with high strategic differentiation,mature period and low management shareholding ratio.Further analysis shows that the promotion of digital transformation on the acquisition of corporate trade credit financing is mainly at the level of application of underlying technology,and the trade credit financing effect brought by digital transformation is conducive to enterprise innovation and high-quality development.This paper provides a new perspective on digital transformation for the research of trade credit financing,and also provides a useful reference for fully exerting the enabling effect of digital technology and assisting enterprises in high-quality development.

关 键 词：数字化转型 商业信用融资 信息透明度 高质量发展 

分 类 号：F275.5[经济管理—企业管理]