数字化转型对企业融资效率的影响——基于文本分析的实证研究

The Impact of Digital Transformation on Corporate Financing Efficiency—An Empirical Study Based on Text Analysis

摘要: 在数字经济与实体经济深度融合的背景下，企业数字化转型已成为优化资源配置、提升经营效率的重要路径。本文以2010~2024年中国A股上市公司为研究样本，对企业融资效率进行测度，研究企业数字化转型对融资效率的影响及机制。结果表明：企业数字化转型能够显著提升企业融资效率。结果在国有控股企业与非国有控股企业、地区市场化发展水平差异化中均显著成立。进一步的调节效应检验发现，股权制衡能够强化数字化转型对融资效率的正向影响。

Abstract: Against the backdrop of deep integration between the digital economy and the real economy, corporate digital transformation has become a crucial pathway for optimizing resource allocation and enhancing operational efficiency. Using a sample of Chinese A-share listed companies from 2010 to 2024, this study measures corporate financing efficiency and examines the impact and mechanisms of digital transformation on financing efficiency. The results indicate that corporate digital transformation significantly improves financing efficiency, a finding that holds true across both state-owned and non-state-owned enterprises, as well as firms with different levels of marketization. Further moderation effect tests reveal that equity balance can strengthen the positive impact of digital transformation on financing efficiency.