企业数字化转型的融资价值:基于数字化转型的新度量  

The Financing Value of Corporate Digital Transformation:Based on a New Measure of Digital Transformation

作　　者：赵家悦 卢锐[3] Zhao Jiayue;Lu Rui

机构地区：[1]中山大学商学院,518107 [2]中山大学·深圳创新创业与科技金融研究中心,518107 [3]中山大学管理学院/现代会计与财务研究中心,510275

出　　处：《会计研究》2024年第6期55-69,共15页Accounting Research

基　　金：国家资助博士后研究人员计划(GZC20233210);中国博士后科学基金面上项目(2024M753804);国家自然科学基金面上项目(71872192);广东省自然科学基金面上项目(2022A1515011799)的资助。

摘　　要：如何准确刻画企业的数字化转型过程一直是数字经济领域相关研究面临的艰巨挑战。本文通过识别数字化相关投资项目,测算了企业进行数字化转型所实际投入的经济成本,并由此考察数字化转型对企业债务融资的实际影响。结果发现,数字化转型降低了企业的信息不对称程度和信贷违约风险,从而有助于降低信贷融资成本。定量分析表明,企业每增加一千万数字化投入所带来的变化,将使其信贷融资成本在平均意义上降低大约0.3个百分点。上述影响在不同企业中存在结构性差异,具体体现为对高融资约束企业的“扶弱效应”以及对弱公司治理企业的“治理效应”。最后,本文从长期信贷获取能力和商业信用融资能力两方面进一步揭示了数字化转型的融资价值。本文为数字经济的定量研究提供了新的分析工具,并从信贷融资这一渠道明确了数字技术赋能实体经济的微观影响及其作用机理,对我国化解企业“融资难,融资贵”问题、推动经济实现高质量发展具有一定的启示意义。How to accurately characterize the process of corporate digital transformation is of great challenge for the research in the field of digital economy.In this paper,we innovatively identify the digital-related investment projects and calculates the actual economic costs incurred by corporate digital transformation.Based on this novel measure of digital transformation,we examine the actual impact of corporate digital transformation on debt financing in China.We find that digital transformation can diminish information asymmetry and debt default risk,thereby reducing the cost of debt.Quantitative analysis reveals that every 10 million yuan increase in digital investment will reduce cost of debt by about O.3 percentage points on average.We then investigate into the structural differences in the aforementioned impact and find that it has a"supportive effect"for highly financing-constrained firms and a governance efect"for firms with weak corporate governance.Further,the extended research shows that corporate digital transformation also improves firms'ability to acquire long-term loan and trade credit financing,bringing considerable financing value to firms.Our research provides a new analytical tool forthe quantitative research in digital economy,and explores the micro-level impact and mechanism of digital technology on the real economy from the perspective of creditfinancing.Such insights carry pivotal implications for China's endeavors to address the challenges of corporatefinancing constraints,while concurrently advancing its economic development towards a trajectory of high quality.

关 键 词：数字化投入 数字化转型 信贷融资成本 信贷可获得性 

分 类 号：F49[经济管理—产业经济] F275