企业数字化转型对融资约束的影响研究——基于“信息论”与“资源论”的视角  

Research on the Impact of Enterprise Digital Transformation on Financing Constraints:Based on“Information Theory”and“Resource Theory”

作　　者：刘翰林[1] 黄佳玲 LIU Hanlin;HUANG Jialing(School of Accounting,Hangzhou Dianzi University,Hangzhou Zhejiang 310018,China)

机构地区：[1]杭州电子科技大学会计学院,浙江杭州310018

出　　处：《杭州电子科技大学学报（社会科学版）》2024年第1期21-30,共10页Journal of Hangzhou Dianzi University：Social Sciences

基　　金：浙江省哲学社会科学新兴(交叉)学科重大扶持项目(9XXJC01ZD-1)。

摘　　要：数字化转型已经成为推动传统企业转型升级和实现高质量发展的新引擎,这能否为改善企业筹资环境提供一条新的路径呢?文章借助大数据文本分析手段,以2011—2022年沪深A股上市公司为研究样本,探究企业数字化转型对融资约束的影响。与以往研究基于“信息论”不同,文章以“信息论”和“资源论”双重视角为基础展开研究。研究发现,企业数字化转型能显著缓解融资约束;机制分析显示,数字化转型通过降低企业盈余管理程度、提高资源配置效率缓解融资约束。进一步研究发现,内部控制和风险承担水平促进数字化转型对融资约束的缓解作用,而多元化经营抑制数字化转型对融资约束的缓解作用;数字化转型下的“数字技术应用”对降低融资约束的效果最好。Digital transformation has become a new engine for the transformation and upgrading of traditional enterprises and high-quality development.Can this further affect the performance of enterprises in fundraising activities?By means of big data text analysis,this paper explores the impact of enterprise digital transformation on financing constraints,taking A-share listed companies from 2011 to 2022 as research samples.Different from previous studies only based on information theory,this paper tests from the dual perspectives of Information Theory and Resource Theory.It is found that enterprise digital transformation can significantly alleviate financing constraints and the alleviation is achieved by reducing the degree of earnings management and improving the efficiency of resource allocation.Further research finds that while internal control and risk taking promote the easing effect of digital transformation on financing constraints,diversification inhibits it.The“application of digital technology”under digital transformation has the best effect on reducing financing constraints.

关 键 词：数字化转型 融资约束 盈余管理 资源配置效率 

分 类 号：F275[经济管理—企业管理]