数字化转型对负债融资效率的影响研究——以海尔智家为例

Research on the Impact of Digital Transformation on Debt Financing Efficiency—A Case Study of Haier Smart Home

摘要: 随着信息技术与人工智能的发展，传统制造企业正深入推进数字化转型，以重构生产流程、优化资源配置并建立可持续竞争优势。在此背景下，探究企业数字化转型对负债融资效率的影响具有重要理论与现实意义。本文以海尔智家2012~2024年数据为样本，通过构建数字化水平评价体系与数据包络分析模型，系统考察其数字化转型及对负债融资效率的影响。结果显示，海尔智家整体数字化水平较高(综合得分78.98分)，呈现“硬实力强、软变现弱”特征，即智能制造与平台建设突出，商业模式创新与价值实现仍有提升空间。采用数据包络分析模型对负债融资效率进行测度，发现：(1) 负债融资综合效率呈现“技术强、规模弱”特征；(2) “单位债务融资成本创收率”呈先降后升的“V型”轨迹；(3) 转型深化期存在“研发与无形资产投入冗余”与“债务融资成本偏高、盈利转化不足”并存的结构性矛盾。基于此，从深化价值转化、优化融资结构等方面提出对策建议。

Abstract: With the advancement of information technology and artificial intelligence, traditional manufacturing enterprises are deepening their digital transformation to restructure production processes, optimize resource allocation, and establish sustainable competitive advantages. Against this backdrop, exploring the impact of corporate digital transformation on debt financing efficiency holds significant theoretical and practical importance. Using Haier Smart Home’s data from 2012 to 2024 as a sample, this study systematically examines its digital transformation and its effects on debt financing efficiency by constructing a digital maturity evaluation system and a data envelopment analysis model. The results show that Haier Smart Home maintains a relatively high overall digital maturity (with a comprehensive score of 78.98 points), characterized by “strong technical capabilities but weak soft monetization”, meaning its smart manufacturing and platform development are outstanding, while there remains room for improvement in business model innovation and value realization. By employing the data envelopment analysis model to measure debt financing efficiency, the study finds: (1) the comprehensive efficiency of debt financing exhibits a “strong technology, weak scale” pattern; (2) the “cost-to-revenue ratio of unit debt financing” follows a “V-shaped” trajectory, initially declining and then rising; (3) during the deepening transformation phase, a structural contradiction emerges where “excessive R&D and intangible asset investment” coexists with “relatively high debt financing costs and insufficient profit conversion”. Based on these findings, strategic recommendations are proposed to deepen value transformation and optimize financing structures.