数字化转型、企业避税与债务融资成本——基于双元风险的视角  

Digital Transformation,Corporate Tax Avoidance and Debt Financing Cost:From the Perspective of Dual Risks

作　　者：刘鑫 党莉莉 LIU Xin;DANG Li-li(Hebei University of Technology,Tianjin 300100,China)

机构地区：[1]河北工业大学经济管理学院,天津300100

出　　处：《当代财经》2024年第10期141-152,共12页Contemporary Finance and Economics

基　　金：河北省高等学校人文社会科学研究项目“企业数字化转型对公司财务影响研究”(JCZX2023012);天津市教委社会科学重大项目“战略领导力视角下中国现代企业数字化转型路径研究”(2023JWZD31)。

摘　　要：当前,企业正大力开展数字化转型。那么,企业数字化转型对企业的债务融资成本有何影响?从信息风险和违约风险两个角度构建双元风险模型,并以2007—2020年中国A股上市公司为样本,检验了企业数字化转型对债务融资成本的影响及其影响机制。研究表明,企业数字化转型能提高企业的会计信息披露质量和企业的预期收益,从而能降低企业的信息风险和违约风险,进而能降低企业的债务融资成本。有调节的中间机制分析发现,企业避税会弱化数字化转型对会计信息披露质量的提高作用,但会增强数字化转型对企业预期收益的提高作用。为此,政府要大力推动企业数字化转型,企业要采用先进的财务软件和大数据分析工具,提高财务报告的自动化和智能化水平,减少人为错误,以增强信息的可比性和可读性。Currently,enterprises are vigorously carrying out digital transformation.So,what impact does digital transformation of enterprises have on their debt financing costs?This paper constructs a dual risk model from the perspectives of information risk and default risk and takes Chinese A-share listed companies from 2007 to 2020 as samples to test the impact of corporate digital transformation on debt financing costs and its affecting mechanism.The findings show that the digital transformation of enterprises can improve the quality of accounting information disclosure and the expected returns of enterprises,thereby reducing their information risk and default risk,and ultimately lowering their debt financing costs.The analysis of the regulated intermediate mechanism reveals that corporate tax avoidance will weaken the role of digital transformation in improving the quality of accounting information disclosure,but enhance the role of digital transformation in improving the expected returns of enterprises.To this end,the government should vigorously promote the digital transformation of enterprises,and enterprises should adopt advanced financial software and big data analysis tools,improve the automation and intelligence level of financial reports,reduce human errors,and enhance the comparability and readability of information.

关 键 词：企业数字化转型 债务融资成本 企业避税 信息风险 违约风险 

分 类 号：F275.3[经济管理—企业管理]