企业数字化转型对债务资本成本的影响研究
A Study of the Impact of Corporate Digital Transformation on the Cost of Debt Capital
摘要: 近年来，我国资本市场发展迅速，债务资本成本的高低对企业经营绩效、长期发展至关重要，在国家大力支持并推行数字经济与实体业务深度融合的背景下，企业如何以较低的成本获得债务资金一直是学者和企业的关注重点。本文采用2013年至2023年中国A股上市公司数据，分析债务融资成本的作用机理，实证检验数字化转型对企业债务成本的影响及渠道机制，并进一步讨论可能存在的调节效应和中介效应等。实证结果表明：1) 企业数字化转型对我国上市公司债务资本成本能起到显著的降低作用。2) 数字化转型通过降低企业代理成本进而降低债务资本成本。3) 数字化转型通过提高企业信息透明度等方式降低债务资本成本。4) 较高的股权制衡度有助于数字化转型更好地发挥降低债务成本的作用。
Abstract: In recent years, China’s capital market has been developing rapidly, and the level of the cost of debt capital is crucial to the business performance and long-term development of enterprises. Under the background of the state’s strong support and implementation of the deep integration of the digital economy and the real business, how enterprises can obtain debt capital at a lower cost has always been the focus of attention of scholars and enterprises. This paper adopts the data of China’s A-share listed companies from 2013 to 2023 to analyze the mechanism of the role of debt financing cost, empirically test the impact of digital transformation on the cost of corporate debt and the channel mechanism, and further discuss the possible moderating and mediating effects, etc. The empirical results show that: 1) Enterprise digital transformation can play a significant role in reducing the cost of debt capital of listed companies in China. 2) Digital transformation reduces the cost of debt capital by lowering the agency cost of enterprises. 3) Digital transformation reduces the cost of debt capital by improving the transparency of corporate information. 4) Higher equity checks and balances help digital transformation to better reduce the cost of debt.
文章引用：汪惠禹. 企业数字化转型对债务资本成本的影响研究[J]. 国际会计前沿, 2025, 14(3): 603-617. https://doi.org/10.12677/fia.2025.143070

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