企业数字化转型对债务融资成本影响研究——基于三元风险理论模型的视角  

The Impact of Corporate Digital Transformation on Debt Financing Costs--A Perspective Based on the Tripartite Risk Theory Model

作　　者：刘鑫 党莉莉 郭小曼 Xin Liu;Lili Dang;Xiaoman Guo(Hebei University of Technology,School of Economics and Management)

机构地区：[1]河北工业大学经济管理学院 [2]河北工业大学

出　　处：《管理学季刊》2024年第2期50-85,162,163,共38页Quarterly Journal of Management

基　　金：2023年度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)的资助。

摘　　要：在数字经济时代背景下,探索数字化转型对债务融资成本的影响对于缓解我国企业面临的“融资贵”问题具有重要现实意义。目前虽有少量研究涉及数字化转型对企业融资成本的影响,但尚未有研究从债务融资成本本质即风险溢价的角度来分析两者关系。鉴于此,本文构建了三元风险理论模型,并以我国2007~2020年A股上市公司为样本,探索了企业数字化转型对债务融资成本的影响及其作用路径。研究发现,数字化转型能够显著降低企业债务融资成本,其主要通过提升会计信息质量、提高公司治理水平和增加企业预期收益三条路径分别降低了企业的信息风险、代理风险和经营风险,进而显著降低企业债务融资成本。本文不仅丰富了企业数字化转型对财务会计的影响这一新兴研究领域,还为推进企业数字化转型实现企业高质量发展提供了理论启示。Purpose:In the era of the digital economy,investigating the impact of digital transformation on the cost of debt financing holds significant practical importance in alleviating the issue of"expensive financing"faced by enterprises in China.While some studies have made preliminary explorations into the relationship between corporate digital transformation and debt financing costs,they have failed to deduce the underlying deep-seated patterns connecting the two.This may lead to an overly fragmented and surface-level understanding of the pathways through which digital transformation affects debt financing costs.The purpose of this study is to extract the determining principles of debt financing cost from the essence of risk and delve into the impact pathway of digital transformation on corporate debt financing costs by constructing a theoretical model.Method:Based on the theory of information asymmetry,principal-agent theory,and signal theory,this paper constructed a ternary risk theory model and selected data from publicly disclosed and manually collated information of A-share listed companies in China from 2007 to 2020.The general fixed-effects model and mediation models were used to empirically test the relationship and mechanism between corporate digital transformation and the cost of debt financing.Furthermore,this paper conducted a series of endogeneity and robustness tests using various methods such as instrumental variable estimation,propensity score matching,difference-in-diferences,Heckman two-step,and restricted sample range to ensure the validity of the findings.Findings:The results indicated that:Digital transformation could significantly reduce the cost of debt financing for enterprises,and this conclusion was supported by a series of endogeneity and robustness tests.②Mechanism test results showed that corporate digital transformation reduced information risk,agency risk,and operational risk through three pathways:improving the quality of accounting information,enhancing corporate governance level,an

关 键 词：企业数字化转型 债务融资成本 信息风险 代理风险 经营风险 

分 类 号：F275[经济管理—企业管理] F49[经济管理—国民经济] F832.51