技术转型企业更易受到债权人青睐吗?——基于资产可抵押性和信息对称性的视角  

Are Companies Undergoing Technological Transformation More Favored By Creditors?

作　　者：赵烁 陆瑶[2,3] Zhao Shuo;Lu Yao

机构地区：[1]中国社会科学院工业经济研究所,北京100006 [2]清华大学经济管理学院,北京100084 [3]清华大学中国金融研究中心,北京100084

出　　处：《企业经济》2025年第4期28-37,共10页Enterprise Economy

基　　金：国家社会科学基金重大项目“负利率时代金融系统性风险的识别和防范”(项目编号:20&ZD102);工信部委托国家高端智库课题“关于拓宽中小企业直接融资渠道加快创新资本形成的路径研究”(项目编号:2022ZZAF0307);中国社会科学院登峰战略优势学科(产业经济学,项目编号:DF2023YS24)。

摘　　要：先进机械技术会大规模替代劳动力,深刻影响资本市场的融资环境。本文通过上市公司年报文本分析法构建了先进机械技术典型代表-智能制造技术的衡量指数,以2009—2023年我国沪深A股公司为样本,实证研究发现智能制造技术能够显著增加企业资产的可抵押性,并改善企业的信息环境,以此有效降低其债务融资成本。异质性分析发现智能制造降低债务融资成本的作用在高劳动力密集、外部监管程度较低以及所处省份金融发展水平较差的企业中影响显著。对此,本文认为未来我国政府宜出台利好政策大力推进智能制造技术的发展,企业也要重视对智能制造技术的引入,同时银行等债权机构也应对智能程度较高企业给予大力支持,从而形成我国资本市场良好的债务关系。Advanced machinery technology will replace the labor force on a large scale,and will also profoundly affect the financing environment of the capital market.This paper constructs the measurement index of intelligent manufacturing technology,a typical representative of advanced machinery technology through the text analysis of the annual report of listed companies.Taking China's Shanghai-Shenzhen A-share companies from 2009 to 2023 as a sample,empirical research finds that intelligent manufacturing technology can significantly increase the collateralization of enterprises'assets,and improve the information environment of enterprises,so as to effectively reduce their debt financing costs.Heterogeneity analysis finds that the effect of intelligent manufacturing in reducing debt financing costs is significant in enterprises with high labor intensity,low level of external regulation,and poor financial development in the provinces where they are located.In this regard,this paper believes that in the future,the Chinese government should introduce favorable policies to vigorously promote the development of intelligent manufacturing technology,and enterprises should also attach importance to the introduction of intelligent manufacturing technology.At the same time,banks and other creditor institutions should also provide strong support to enterprises with higher levels of intelligence,in order to ensure the healthy operation of debt relationships in China's capital market.

关 键 词：技术转型 资产抵押性 信息对称性 债务成本 

分 类 号：F435[经济管理—产业经济] F832.4