数字化转型、管理层股权激励与权益资本成本  

Digital Transformation,Management Equity Incentives,and Cost of Equity Capital

作　　者：崔健波[1] 顾佳琪 CUI Jianbo;GU Jiaqi(School of Economics and Management,Jiangsu University of Science&Technology,Zhenjiang 212100,China)

机构地区：[1]江苏科技大学经济管理学院,江苏镇江212100

出　　处：《科技与经济》2024年第5期56-60,共5页Science & Technology and Economy

基　　金：国家自然科学基金青年项目——“区域环境规制、绿色认知差异与企业资本投资偏好:基于信号传递的视角”(项目编号:72203025;项目负责人:谭瑾)成果之一;江苏省社会科学应用研究精品工程财经发展专项(项目编号:23SCC-013;项目负责人:崔健波)成果之一。

摘　　要：选取2010—2022年我国A股上市公司作为研究对象,系统考察数字化转型对企业权益资本成本的影响效应和作用机制,并基于生命周期角度分析上述影响的异质性。研究发现:企业数字化转型对企业权益资本成本具有显著的抑制作用,管理层股权激励作为调节变量在数字化转型与企业权益资本成本中起到显著的“倒U型”调节作用,并且在一系列稳健性检验后仍然成立。进一步研究发现,数字化转型能够显著降低处于成长阶段企业的权益资本成本,对处于成熟阶段的企业和衰退阶段的企业则不明显。当企业的机构投资者比例较高时,其数字化转型信息更容易受到投资者的关注,进而更有效地降低权益资本成本。This article selected A-share listed companies in China from 2010 to 2022 as the research object,systematically examined the impact and mechanism of digital transformation on the cost of equity capital of enterprises,and analyzes the heterogeneity of the above effects from a lifecycle perspective.The research has found that digital transformation of enterprises has a significant inhibitory effect on the cost of equity capital.The linear moderating effect of management equity incentives as a moderating variable on the relationship between digital transformation and the cost of equity capital is not significant,but rather plays a significant“inverted U-shaped”moderating role,which still holds after a series of robustness tests.Further research has found that digital transformation can significantly reduce the cost of equity capital for companies in the growth stage,but is not significant for mature and declining companies.In addition,when the proportion of institutional investors in a company is high,the company s digital transformation information is more likely to attract the attention of investors,thereby effectively reducing the cost of equity capital.

关 键 词：企业数字化转型 权益资本成本 管理层股权激励 “倒U型”调节 

分 类 号：F275[经济管理—企业管理] F272.92[经济管理—国民经济] F49F832.51