数字化转型对能源企业融资约束影响研究  

Research on the impact of digital transformation on financing constraints of energy enterprises

作　　者：高太光 王晴晴 王雨琨 GAO Taiguang;WANG Qingqing;WANG Yukun(School of Management,Heilongjiang University of Science and Technology,Harbin 150022,China)

机构地区：[1]黑龙江科技大学管理学院,黑龙江哈尔滨150022

出　　处：《煤炭经济研究》2025年第3期164-172,共9页Coal Economic Research

基　　金：教育部人文社会科学研究青年基金资助项目(20YJCZH035);黑龙江省哲学社会科学研究规划资助项目(19GLE331);黑龙江科技大学博士后科研启动基金资助项目(HKDBSH202312);黑龙江科技大学大学生创新创业训练计划资助项目(YJS2024002)。

摘　　要：随着数字化上升为国家战略,能源企业数字化转型成为必然趋势,也为其打破融资困境提供新机遇。基于2010—2022年沪深A股能源企业数据,探究数字化转型对能源企业融资约束影响。研究发现:数字化转型能够有效缓解能源企业融资约束,结论通过稳健性检验,但在不同生命周期、产权性质、地区下对其影响有所差异。进一步分析发现,数字化转型可通过降低供应链集中度缓解融资约束;股票流动性在数字化转型对能源企业融资约束影响中发挥调节作用。本研究可为数字化转型过程中的能源企业破解融资约束难题提供一定的参考价值。With the rise of digitalization as a national strategy,digital transformation technologies provide new opportunities for energy enterprises to break the financing dilemma.Based on a comprehensive data set comprising A-share energy enterprises from 2010 to 2022.,this paper explores the impact of digital transformation on the financing constraints of energy enterprises.There is evidence that digital transformation can be an effective remedy to the financing constraints of energy enterprises,and the conclusion passes the robustness test.But the influence on it varies in different life cycle,property right nature and region.Further analysis shows that digital transformation can alleviate financing constraints by reducing the concentration of supply chain;Stock liquidity plays a moderating role in the impact of digital transformation on the financing constraints of energy enterprises.This study can provide reference value for energy enterprises to solve financing constraints in the process of digital transformation.

关 键 词：数字化转型 能源企业 融资约束 供应链集中度 股票流动性 

分 类 号：F270[经济管理—企业管理]